Mahdy Co. had the following transactions in the last two months of its year ended December 31. Nov. 1 Paid $1,800 cash for future newspaper advertising. 1 Paid $2,460 cash for 12 months of insurance through October 31 of the next year. 30 Received $3,600 cash for future services to be provided to a customer. Dec. 1 Paid $3,000 cash for a consultant’s services to be received over the next three months. 15 Received $7,950 cash for future services to be provided to a customer. ADJUSTING ENTRIES 31 Of the advertising paid for on November $1,200 worth is not yet used. 31 A portion of the insurance paid for on November 1 has expired. No adjustment was made in November to Prepaid Insurance. 31 Services worth $1,500 are not yet provided to the customer who paid on November 30. 31 One-third of the consulting services paid for on December 1 have been received. 31 The company has performed $3,300 of services that the customer paid for on December 15. Required - prepare adjusting entries at the end of the year.
Mahdy Co. had the following transactions in the last two months of its year ended December 31.
|
Nov. 1 |
|
Paid $1,800 cash for future newspaper advertising. |
|
1 |
|
Paid $2,460 cash for 12 months of insurance through October 31 of the next year. |
|
30 |
|
Received $3,600 cash for future services to be provided to a customer. |
|
Dec. 1 |
|
Paid $3,000 cash for a consultant’s services to be received over the next three months. |
|
15 |
|
Received $7,950 cash for future services to be provided to a customer. |
|
31 |
|
Of the advertising paid for on November $1,200 worth is not yet used. |
|
31 |
|
A portion of the insurance paid for on November 1 has expired. No adjustment was made in November to Prepaid Insurance. |
|
31 |
|
Services worth $1,500 are not yet provided to the customer who paid on November 30. |
|
31 |
|
One-third of the consulting services paid for on December 1 have been received. |
|
31 |
|
The company has performed $3,300 of services that the customer paid for on December 15. |
Required
- prepare adjusting entries at the end of the year.
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