omework6 Saved Help Save& Exit Submit my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 1. On December 20, 2018, Jamesway received a $4,000 payment from a customer for services to be rendered early in 2019. Service revenue was credited throughout December and January. Prepaid advertising was debited. on August 31, 2019. 2. On December 1, 2018, the company paid a local radio station $2,000 for 40 radio ads that were to be aired, 20 per month, 3. Employee salaries for the month of December totaling $16,000 will be paid on January 7, 2019 4. On August 31, 2018, Jamesway borrowed $60,000 from a local bank. A note was signed with principal and 8% interest to be paid If none of the adjusting journal entries were recorded, would assets, liabilities, and shareholders' equity on the 12/31/18 balance sheet be higher or lower and by how much? Answer is complete but not entirely correct. higher by 1,000 lower by $ 24,800 8 Assets Shareholders' equity higher by 25,800 K Prev 7 of 7 Next 23