Consider the following situations for Shocker: 1. On November 28, 2024, Shocker received a $3,600 payment...

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Consider the following situations for Shocker: 1. On November 28, 2024, Shocker received a $3,600 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue was credited on November 28. 2. On December 1, 2024, the company paid a local radio station $2,520 for 30 radio ads that were to be aired; 10 per month, throughout December, January, and February. Prepaid Advertising was debited on December 1. 3. Employee salaries for the month of December totaling $7,400 will be paid on January 7, 2025. 4. On August 31, 2024, Shocker borrowed $64,000 from a local bank. A note was signed with principal and 9% interest to be paid on August 31, 2025. Required: Indicate by how much the assets, liabilities, and stockholders' equity in the December 31, 2024, balance sheet is higher or lower if the odjusting entry is not recorded. (if none of the categories apply for a particular item, leave the cell blank.) Assets Liabities Stockholders' Equity 1. 2. 3. [+] 4. Tolal Consider the following situations for Shocker: 1. On November 28, 2024, Shocker received a $3,600 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue was credited on November 28. 2. On December 1, 2024, the company paid a local radio station $2,520 for 30 radio ads that were to be aired; 10 per month, throughout December, January, and February. Prepaid Advertising was debited on December 1. 3. Employee salaries for the month of December totaling $7,400 will be paid on January 7, 2025. 4. On August 31, 2024, Shocker borrowed $64,000 from a local bank. A note was signed with principal and 9% interest to be paid on August 31, 2025. Required: Indicate by how much the assets, liabilities, and stockholders' equity in the December 31, 2024, balance sheet is higher or lower if the odjusting entry is not recorded. (if none of the categories apply for a particular item, leave the cell blank.) Assets Liabities Stockholders' Equity 1. 2. 3. [+] 4. Tolal

Answer rating: 100% (QA)

A DE F G H K 1 3 Assets Liabilities Stockholders equity 4 1 Higher 1200 Lower 1200 2 Higher 84... View the full answer