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 $$4,700$ 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 $$5,700.$

On May $1,2024,$ the company paid $$3,240$ for a two$-$year fire and liability insurance policy. The company debited Prepaid Insurance on May $1.$

On September $1,2024,$ the company borrowed $$23,000$ 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 $$2,050$ debit balance in the Supplies $($asset$)$ account. Only $$870$ 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.$)$

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

At year$-$end there is a $$2,050$ debit balance in the Supplies $($asset$)$ account. Only $$870$ of supplies remains on hand at the end of the year. Prepare the adjusting entry at December $31.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$December $31,,,],[,,,]]$