Copy Paste Format Painter Calibri BIU Clipboard 85 A 1 S fx B Font Y 11 AA 11 Jul 3 Wrap A Merge 19 Alignment D Part Two- Adjusting Entries 2 Please record the necessary period-end adjusting entries for Clinton Fink Auditing On September 30th, Clinton Fink Auditing recorded an adjusting entry to recognize the expiration of one month of prepaid advertising. Originally, a prepayment of $39,000 was 3 made on August 1st for three months advertising on a local radio station. On September 30th, Clinton Fink Auditing recorded an adjusting entry to recognize the performance of services which were paid for in advance. Originally, Clinton Fink Auditing received a $6,000 advanced payment from Billco Industries on September 1st for an audit engagement which will take two months. By the end of September, Clinton Fink Auditing 7 had performed exactly half of the contracted services. 8 9 10 On September 30th, Clinton Fink Auditing recorded an adjusting entry to recognize one months' depreciation on its equipment and its furniture. The equipment was originally purchased on March 1st for $10,000, has a residual value of $1,600, and useful life of seven years. The furniture was originally purchased on April 1st for $28,800, has a residual value of $0, and a useful life of twelve years. Clinton Fink depreciates its assets using the straight- line depreciation method and keeps a separate accumulated depreciation account for each 11 major asset type. 12 13 Ready Part Two- Adjusting Entries Part Three Financials Part Four-Closing Entries Type here to search O E