Chapter 3 Homework o Saved 1 eBook Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting in the current period. . Receive cash from customers in advance of services to be provided, 5600. D Beterances . Pay utilities hill for the previous peried, $150. . Pay for insurance in advance of the period to be covered, 52,000 . Pay workers' salaries for the current period, 5800. . Receive cash from customears at the time of service, $1.700. . Purchase office supplies on account, $330. . Borrow cash from the bank, $4,000. . Receive cash from customers for services performed in the previous period, $750. 1 2 3 4 5 Incur costs for employee salaries in the current period but do not pay, $1,000. 6 7 ) 9 1 0. Pay for advertising to appear in the current period, 5450. " e 10f 3 e Prey o Next > Chapter 3 Homework i Saved 2 1. On July 1, 2024, Gamecock received $6,000 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credited Deferred Revenue on July 1. 2. At the end of the year, income taxes owed are $7,000. 3. On May 1, 2024, the company paid $4,800 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 $20,000 from a local bank and signed a note. Principal and interest at 12% will be paid on August 31, 2025. Book 5. At year-end there is a $2,700 debit balance in the Supplies (asset) account. Only $1,000 of supplies remains on hand at the end of the year. References 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 Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet