The Jamesway Corporation had the following situations on December 2021.

• On December 10, 2021, Jamesway received a $4,000 payment from a customer for services begun on that date and which were completed by December 31, 2021. Deferred service revenue was credited.
• On December 1, 2021, 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.
• Employee salaries for the month of December totaling $16,000 will be paid on January 7, 2022.
• On August 31, 2021, Jamesway borrowed $60,000 from a local bank. A note was signed with principal and 8% interest to be paid on August 31, 2022.

Prepare the necessary adjusting entries at its year-end of December 31, 2021. 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.)