Question: please solve :) 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
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 $4,500 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 $5,500 3. On May 1, 2024, the company paid $3,000 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 $25,000 from a local bank and signed a note. Principal and interest at 9% will be paid on August 31, 2025 5. At year-end there is a $1,950 debit balance in the Supplies (asset) account. Only $850 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 Journal Entry Required" in the first account field.)
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