Reference no: EM131219917
The Jamesway Corporation had the following situations on December 2016.
1. On December 20, 2016, Jamesway received a $4,600 payment from a customer for services to be rendered early in 2017. Service revenue was credited.
2. On December 1, 2016, the company paid a local radio station $3,200 for 40 radio ads that were to be aired, 20 per month, throughout December and January. Prepaid advertising was debited.
3. Employee salaries for the month of December totaling $22,000 will be paid on January 7, 2017.
4. On August 31, 2016, Jamesway borrowed $40,000 from a local bank. A note was signed with principal and 9% interest to be paid on August 31, 2017.
Prepare the necessary adjusting entries at its year-end of December 31, 2016. No adjusting entries were recorded during the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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No adjusting entries were recorded during the year
: The Jamesway Corporation had the following situations on December 2016. On December 20, 2016, Jamesway received a $4,600 payment from a customer for services to be rendered early in 2017. Service revenue was credited. Prepare the necessary adjusting ..
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