1 Homework Chapter 3 Saved Help Save & Exit 4 Consider the following situations for Shocker 1. On November 28, 2024, Shocker received a $3.750 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue was credited on November 28. 2. On December 1, 2024, the company paid a local radio station $2,550 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising was debited on December 1. 3. Employee salaries for the month of December totaling $7,500 wil be paid on January 7, 2025. 4. On August 31, 2024, Shocker borrowed $65.000 from a local bank. A note was signed with principal and 6% interest to be paid on August 31, 2025. Required: Indicate by how much the assets, labilities, and stockholders' equity in the December 31, 2024, balance sheet is higher or lower if the adjusting entry is not recorded. pf none of the categories apply for a particular item, leave the cell blank.) ferences Assets Stockholders Equlty Liabilities 1. 2. 3. 4. Total Higher Lower
1 Homework Chapter 3 Saved Help Save & Exit 4 Consider the following situations for Shocker 1. On November 28, 2024, Shocker received a $3.750 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue was credited on November 28. 2. On December 1, 2024, the company paid a local radio station $2,550 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising was debited on December 1. 3. Employee salaries for the month of December totaling $7,500 wil be paid on January 7, 2025. 4. On August 31, 2024, Shocker borrowed $65.000 from a local bank. A note was signed with principal and 6% interest to be paid on August 31, 2025. Required: Indicate by how much the assets, labilities, and stockholders' equity in the December 31, 2024, balance sheet is higher or lower if the adjusting entry is not recorded. pf none of the categories apply for a particular item, leave the cell blank.) ferences Assets Stockholders Equlty Liabilities 1. 2. 3. 4. Total Higher Lower
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
Section: Chapter Questions
Problem 34CE: Notes Receivable Metzler Communications designs and programs a website for a local business. Metzler...
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![REQUIRED Homework Chapter 3
Saved
Help
Save & Exit
4
Consider the following situations for Shocker.
1. On November 28, 2024, Shocker received a $3.750 payment from a customer for services to be rendered evenly over the next
three months. Deferred Revenue was credited on November 28.
2. On December 1, 2024, the company paid a local radio station $2,550 for 30 radio ads that were to be aired, 10 per month,
throughout December, January, and February. Prepaid Advertising was debited on December 1.
3. Employee salaries for the month of December totaling $7.500 will be paid on January 7, 2025.
4. On August 31, 2024, Shocker borrowed $65.000 from a local bank. A note was signed with principal and 6% interest to be paid on
August 31, 2025.
ook
Required:
Indicate by how much the assets, liabilities, and stockholders' equity in the December 31, 2024, balance sheet is higher or lower if the
adjusting entry is not recorded. (if none of the categories apply for a particular item, leave the cell blank.)
Rferences
Assets
Liabilities
Stockholders Equity
1.
2.
4.
Total
Higher
Lower](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbe83a4e9-c190-4926-be99-4626872eb4db%2Fa9d019df-e713-48a4-b983-48a0477ebc6d%2F5ye3fj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:REQUIRED Homework Chapter 3
Saved
Help
Save & Exit
4
Consider the following situations for Shocker.
1. On November 28, 2024, Shocker received a $3.750 payment from a customer for services to be rendered evenly over the next
three months. Deferred Revenue was credited on November 28.
2. On December 1, 2024, the company paid a local radio station $2,550 for 30 radio ads that were to be aired, 10 per month,
throughout December, January, and February. Prepaid Advertising was debited on December 1.
3. Employee salaries for the month of December totaling $7.500 will be paid on January 7, 2025.
4. On August 31, 2024, Shocker borrowed $65.000 from a local bank. A note was signed with principal and 6% interest to be paid on
August 31, 2025.
ook
Required:
Indicate by how much the assets, liabilities, and stockholders' equity in the December 31, 2024, balance sheet is higher or lower if the
adjusting entry is not recorded. (if none of the categories apply for a particular item, leave the cell blank.)
Rferences
Assets
Liabilities
Stockholders Equity
1.
2.
4.
Total
Higher
Lower
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