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

The Hfommant necessary for brepartig the $2024$ yearend idjusting ehtrles for Aboud Advertising Agency appears below. Aboud's fiecal yearendis December $31$

$1.$ On July $1\mathrm{.}2624,$ Aboud recalved $\backslash (\backslash$$ $5300\backslash )$ from a customer for adveitising services to be given evenly over the next $10$ morths. Absoud creohed Defetred Revenue on July. $1$

$2.$ At the end of the yeat, hicome zaxes owed are $\backslash (\backslash$$ $0,300\backslash ).$

$3.$ On May $1\mathrm{.}2024$ : the company paid $\backslash (\backslash$$ $3\mathrm{.}950\backslash )$ for a two$-$year fire and liabily Insurance policy The company debred Prepaid Insurance on May $1$

$4.$ On September $1,2024,$ the compaty boucwed $\backslash (\backslash$$ $13,000\backslash )$ from a local tank and zigned a nde, Prltapal and tmerest at $\backslash (9\backslash \%\backslash )$ will be paice on August $31,2025.$

$5.$ At year$-$end there $15$ a $32,350$ denit Colatice in the Supolies fassen account. Onty $\backslash (\backslash$$ $930\backslash )$ of supplies remains on hanid at the end of the year

Required:

Record the necessary adjusting entries on December $31,2024$ No pliot acjustments have been made duting $2024,($Do not round Intermedlate colculetions. If no entry is required for a psiticular transaction$/$event$,$ seiect. $"$No Joumal Entry Required" In the first account tield.$)$

Journal entry worksheet

On July $\backslash (1+2024\backslash ).$ Aboud recened $55,300$ fram e customer for advertising$$ervices to be given evanly aver the reat $10$ munthe. Aboud crerited Deferred Revanue an Juty $1.$ Prepare the adjusting entry at December $31.$

Nete Enct sebits toture oudita