Can I please get someone to check my work and explain where I went wrong please.   Gomez Company had the following transactions in the last two months of its year ended December 31. November 1 Paid $2,000 cash for future advertising. November 1 Paid $3,120 cash for 12 months of insurance through October 31 of the next year. November 30 Received $6,600 cash for future services to be provided to a customer. December 1 Paid $12,000 cash for consulting to be received over the next eight months. December 15 Received $10,550 cash for future services to be provided to a customer. December 31 Of the advertising paid for on November 1, $1,450 worth is not yet used. December 31 A portion of the insurance paid for on November 1 has expired. No adjustment was made in November. December 31 Services worth $1,100 are not yet provided to the customer who paid on November 30. December 31 One-eighth of the consulting paid for on December 1 has been received. December 31 The company has performed $3,900 of services that the customer paid for on December 15

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Can I please get someone to check my work and explain where I went wrong please.

 

Gomez Company had the following transactions in the last two months of its year ended December 31.

November 1 Paid $2,000 cash for future advertising.
November 1 Paid $3,120 cash for 12 months of insurance through October 31 of the next year.
November 30 Received $6,600 cash for future services to be provided to a customer.
December 1 Paid $12,000 cash for consulting to be received over the next eight months.
December 15 Received $10,550 cash for future services to be provided to a customer.
December 31 Of the advertising paid for on November 1, $1,450 worth is not yet used.
December 31 A portion of the insurance paid for on November 1 has expired. No adjustment was made in November.
December 31 Services worth $1,100 are not yet provided to the customer who paid on November 30.
December 31 One-eighth of the consulting paid for on December 1 has been received.
December 31 The company has performed $3,900 of services that the customer paid for on December 15.
Prepare entries for these transactions under the method that initially records prepaid expenses as assets and records unearned revenues
as liabilities. Also prepare adjusting entries at the end of the year.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list View journal entry worksheet
No
1
2
3
4
5
6
7
8
9
10
Date
November 01
November 01
November 30
December 15
December 31
December 01 Prepaid consulting
December 31
Prepaid advertising
Prepaid insurance
Unearned revenue
December 31
Unearned revenue
General Journal
No journal entry required
No journal entry required
December 31 No journal entry required
December 31 No journal entry required
Service revenue
Debit
12,000
Credit
2,000
3,120
6,600
105,500
3,900
Transcribed Image Text:Prepare entries for these transactions under the method that initially records prepaid expenses as assets and records unearned revenues as liabilities. Also prepare adjusting entries at the end of the year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No 1 2 3 4 5 6 7 8 9 10 Date November 01 November 01 November 30 December 15 December 31 December 01 Prepaid consulting December 31 Prepaid advertising Prepaid insurance Unearned revenue December 31 Unearned revenue General Journal No journal entry required No journal entry required December 31 No journal entry required December 31 No journal entry required Service revenue Debit 12,000 Credit 2,000 3,120 6,600 105,500 3,900
Prepare entries for these transactions under the method that initially records prepaid expenses as expenses and records unearned
revenues as revenues. Also prepare adjusting entries at the end of the year.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
No
1
2
3
4
5
6
7
co
9
10
Date
November 01
November 01
November 30
View journal entry worksheet
December 01
December 15
December 31
December 31
December 31
December 31
December 31
Prepaid advertising
Prepaid insurance
Unearned revenue
Prepaid consulting
Unearned revenue
No journal entry required
General Journal
No journal entry required
No journal entry required
No journal entry required
Service revenue
Debit
2,000
3,120
12,000
Credit
6,600
10,550
3,900
Transcribed Image Text:Prepare entries for these transactions under the method that initially records prepaid expenses as expenses and records unearned revenues as revenues. Also prepare adjusting entries at the end of the year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list No 1 2 3 4 5 6 7 co 9 10 Date November 01 November 01 November 30 View journal entry worksheet December 01 December 15 December 31 December 31 December 31 December 31 December 31 Prepaid advertising Prepaid insurance Unearned revenue Prepaid consulting Unearned revenue No journal entry required General Journal No journal entry required No journal entry required No journal entry required Service revenue Debit 2,000 3,120 12,000 Credit 6,600 10,550 3,900
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