Problem $3-3$A $($Algo$)$ Record adjusting entries $($LO$3-3)$

The information necessary for preparing the $2024$ year$-$end adjusting entries for Aboud Advertising Agency appears below. Aboud's fiscal year$-$end is December $31.$

On July $1,2024,$ Aboud received $$5,600$ from a customer for advertising services to be given evenly over the next $10$ months. Aboud credited Deferred Revenue on July $1.$

At the end of the year, income taxes owed are $$6,600.$

On May $1,2024,$ the company paid $$4,320$ for a two$-$year fire and liability insurance policy. The company debited Prepaid Insurance on May $1.$

On September $1,2024,$ the company borrowed $$16,000$ from a local bank and signed a note. Principal and interest at $12\%$ will be paid on August $31,2025.$

At year$-$end there is a $$2,500$ debit balance in the Supplies $($asset$)$ account. Only $$960$ 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.$)$

$1$ On July $1,2024,$ Aboud received $$5,600$ from a customer for advertising services to be given evenly over the next $10$ months. Aboud credited Deferred Revenue on July $1.$ Prepare the adjusting entry at December $31.$

$2$ At the end of the year, income taxes owed are $$6,600.$ Prepare the adjusting entry at December $31.$

$3$ On May $1,2024,$ the company paid $$4,320$ for a two$-$year fire and liability insurance policy. The company debited Prepaid Insurance on May $1.$ Prepare the adjusting entry at December $31.$

$4$ On September $1,2024,$ the company borrowed $$16,000$ from a local bank and signed a note. Principal and interest at $12\%$ will be naid on Auoust $31.2025.$ Prenare

Note : $=$ journal entry has been entered