Prepare the necessary adjusting entries on its year-end of December 31, 2024, for the Jingle Corporation for each of the following situations. No adjusting entries were recorded during the year. 1. On December 10, 2024, Jingle received a $4,000 payment from a customer, and credited deferred service revenue.
The services to the customer were completed by December 31, 2024.
2. On December 1, 2024, the company paid a local radio station $2,000 for 40 radio ads that were to be aired, 20 per month, throughout December and January. Prepaid advertising was debited at the time the advertising was paid.
3. Employee salaries for the month of December totaling $16,000 will be paid on January 7, 2025.
4. On August 31, 2024, Jingle borrowed $60,000 from a local bank. A note was signed with principal and 8% interest to be paid on August 31, 2025.