You have been called in to examine the records of Gem Ltd as of December 31....

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You have been called in to examine the records of Gem Ltd as of December 31. 2018, the company year-end. In the course of the following examination you discover the following: 1. Accrued interest on loans owed by Gem totaled $15,000 as of December 31. 2018 2. Accrued salaries owed by Gem amounted to 3 days at $500 per day as of December 31, 2018. 3. On January 1, 2018 the office supplies account had a normal account balance of $2,000. Additional purchases of office supplies made during the year amounted to $4.000 were debited to the office supplies account. As of fice supplies of $1,000 remained on hand. December 31, 2018. 4. Prepaid Advertising conta à debit balance of $2,400. The balance represents the amount Ge monthly magazine. The paid on October 1, 2018 for a series of ads in a will run over 12 months, beginning with the magazine's November 2018 issue. 5. The unearned revenue account contained a normal account balance of $12.000, received August 31, 2018 for 12 months of service to be performed starting September, 2018. 6. Gem rendered services to lents in December 2018 The services have not been paid enter €91 tomer paid $3.000 in Deco REQUIRED following journ entryw for $3,000 Service Revenue for $3.000 131 to $6.000 accounting records. started March 1 djusted on Dece cember 31 2018. under You have been called in to examine the records of Gem Ltd as of December 31. 2018, the company year-end. In the course of the following examination you discover the following: 1. Accrued interest on loans owed by Gem totaled $15,000 as of December 31. 2018 2. Accrued salaries owed by Gem amounted to 3 days at $500 per day as of December 31, 2018. 3. On January 1, 2018 the office supplies account had a normal account balance of $2,000. Additional purchases of office supplies made during the year amounted to $4.000 were debited to the office supplies account. As of fice supplies of $1,000 remained on hand. December 31, 2018. 4. Prepaid Advertising conta à debit balance of $2,400. The balance represents the amount Ge monthly magazine. The paid on October 1, 2018 for a series of ads in a will run over 12 months, beginning with the magazine's November 2018 issue. 5. The unearned revenue account contained a normal account balance of $12.000, received August 31, 2018 for 12 months of service to be performed starting September, 2018. 6. Gem rendered services to lents in December 2018 The services have not been paid enter €91 tomer paid $3.000 in Deco REQUIRED following journ entryw for $3,000 Service Revenue for $3.000 131 to $6.000 accounting records. started March 1 djusted on Dece cember 31 2018. under

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Please find the adjusting entries required on December 31 2018 under the accrual basis of ... View the full answer