D e Chrome File Edit View History Bookmarks Profiles Tab Window Help bjs-Google Search xiConnect - Home X M Question 10 - Chapter x M Inbox (221) abigailof XM Verify Your Email Addr x G Goo ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... Σ Chapter 3 Homework i Saved Help 10 28.47 points eBook Ask Print References Gomez Company had the following transactions in the last two months of its year ended December 31. November 1 Paid $2,600 cash for future advertising. November 1 Paid $3,360 cash for 12 months of insurance through October 31 of the next year. November 30 Received $5,600 cash for future services to be provided to a customer. December 1 Paid $3,900 cash for consulting to be received over the next four months. December 15 Received $9,450 cash for future services to be provided to a customer. December 31 of the advertising paid for on November 1, $950 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 $1,300 are not yet provided to the customer who paid on November 30. December 31 One-fourth of the consulting paid for on December 1 has been received. December 31 The company has performed $4,100 of services that the customer paid for on December 15. Required: 1. 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. 2. 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. Complete this question by entering your answers in the tabs below. Mc Graw Hill Required 1 Required 2 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 < Prev 10 of 10 Next > 11,688 MAY 30 tv A Aa MacBook Pro