and so on

Problem 3-3A (Algo) Record adjusting entries (LO3-3) The information necessary for preparing the 2024 year-end adjusting entries for Moreno Advertising Agency appears below. Moreno's fiscal year-end is December 31 1. On July 1, 2024. Moreno received $5,800 from a customer for advertising services to be given evenly over the next 10 months. Moreno credited Deferred Revenue on July 1 . 2. At the end of the year, income taxes owed are $6,800. 3. On May 1, 2024, the company paid \$4.560 for a two-year fire and liability insurance policy. The company debited Prepaid Insurance on May 1 4. On September 1, 2024, the company borrowed $18,000 from a local bank and signed a note. Principal and interest at 12% will be paid on August 31, 2025. 5 At yearend there is a $2.600 debit balance in the Supplies (asset) account. Only $980 of supplies remains on hand at the end of the year. Required: Record the necessary adjusting entries on December 31, 2024. No prior adjustments have been made during 2024 . (Do not round intermediate calculations. If no entry is required for a particular transoction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2345 On July 1, 2024, Moreno received \$5,800 from a customer for advertising services to be given evenly over the next 10 months. Moreno credited Deferred Revenue on July 1 . Prepare the adjusting entry at December 31. Wote: Enter debits before credits. Problem 3-3A (Algo) Record adjusting entries (LO3-3) The information necessary for preparing the 2024 year-end adjusting entries for Moreno Advertising Agency appears below Moreno's fiscal year-end is December 31 1. On July 1, 2024. Moreno received $5,800 from a customer for advertising services to be given evenly over the next 10 months. Moreno credited Deferred Revenue on July 1 . 2. At the end of the year, income taxes owed are $6.800. 3. On May 1, 2024, the company paid \$4,560 for a two-year fire and liability insurance policy The company debited Prepaid insurance on May 1. 4. On September 1, 2024, the company borrowed $18.000 from a local bank and signed a note. Principal and interest at 12% will be paid on August 31,2025 5. At year-end there is a $2,600 debit balance in the Supplies (asset) account. Only $980 of supplies remains on hand at the end of the year. Required: Record the necessary adjusting entries on December 31, 2024. No prior adjustments have been made during 2024. (Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No Journol Entry Required" in the first. account field.) Journal entry worksheet Notel- Enter debits belore creifts