Reference no: EM131786869

Question - Gomez Co. had the following transactions in the last two months of its year ended December 31.

Nov. 1 Paid $2,400 cash for future newspaper advertising.

1 Paid $2,100 cash for 12 months of insurance through October 31 of the next year.

30 Received $2,600 cash for future services to be provided to a customer.

Dec. 1 Paid $8,700 cash for a consultant's services to be received over the next five months.

15 Received $8,550 cash for future services to be provided to a customer.

31 Of the advertising paid for on November 1, $950 worth is not yet used.

31 A portion of the insurance paid for on November 1 has expired. No adjustment was made in November to Prepaid Insurance.

31 Services worth $1,500 are not yet provided to the customer who paid on November 30.

31 One-fifth of the consulting services paid for on December 1 have been received.

31 The company has performed $4,100 of services that the customer paid for on December 15.

Question: Prepare entries for these transactions under the method that records prepaid expenses as expenses and records unearned revenues as revenues. Also prepare adjusting entries at the end of the year. (Omit the "$" sign in your response.)