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

The information necessary for preparing the $2018$ year$-$end adjusting entries for Gamecock Advertising Agency appears below: Gamecock's

fiscal year$-$end is December $31.$

a$.$ On July $1,2018.$ Gamecock receives $$4,100$ from a customer for advertising services to be given evenly over the next $10$ months

Gamecock credits Deferred Revenue.

b$.$ At the beginning of the year, Gamecock's depreciable equipment has a cost of $$20,400,$ a four$-$year life, and no salvage value. The

equipment is depreciated evenly $($straight$-$line depreciation method$)$ over the four years.

c$.$ On May $1.2018,$ the company pays $$2,520$ for a two$-$year fire and liability insurance policy and debits Prepaid Insurance.

d$.$ On September $1,2018,$ the company borrows $$29,000$ from a local bank and signs a note. Principal and interest at $9\%$ will be paid on

August $31,2019$

e$.$ At year$-$end there is a $$1\mathrm{.}750$ debit balance in the Supplies $($assef$)$ account. Only $$810$ of supplies remains on hand.

Required:

Record the necessary adjusting entries on December $31,2018.$ No prior adjustments have been made during $2018.($If no entry is

required for a particular transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$