The following items are necessary for preparing the 2 0 2 4 year - end adjustments for

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Question:

The following items are necessary for preparing the $2024$ year $-$ end adjustments for Rogers Advertising Agency. Rogerss fiscal year $-$ end is December $31 .$

On July $1, 2024,$ Rogers received $ $4, 300$ from a customer for advertising services to be given evenly over the next $10$ months. Revenues related to other advertising provided during the year total $ $104, 500$

At the end of the year, income taxes owed are $ $5, 300 .$ These taxes wont be paid until next April $15 .$

On May $1, 2024,$ the company paid $ $2, 760$ for a two $-$ year fire and liability insurance policy. The amount was recorded in Prepaid Insurance on May $1 .$ Insurance costs prior to May total $ $1, 440 .$

On September $1, 2024,$ the company borrowed $ $27, 000$ from a local bank and signed a note. Principal and interest at $9 %$ will be paid on August $31, 2025 .$

At year $-$ end, there is a $ $1, 850$ balance in the Supplies account. Only $ $830$ of supplies remains on hand at the end of the year.

Required:

For each item, determine the accounts to be adjusted on December $31, 2024,$ the balances before adjustment, the amount of the adjustment, and the ending balances. Assume no adjustments were previously made during the year.

Note: Amounts to be deducted should be indicated with a minus sign.