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On July 1, 2024, Rogers received $4,300 from a customer for advertising services to...

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Accounting

  1. On July 1, 2024, Rogers received $4,300 from a customer for advertising services to be given evenly over the next 10 months. Rogers credited Deferred Revenue on July 1.
  2. At the end of the year, income taxes owed are $5,300.
  3. On May 1, 2024, the company paid $2,760 for a two-year fire and liability insurance policy. The company debited Prepaid Insurance on May 1.
  4. On September 1, 2024, the company borrowed $27,000 from a local bank and signed a note. Principal and interest at 9% will be paid on August 31, 2025.
  5. At year-end there is a $1,850 debit balance in the Supplies (asset) account. Only $830 of supplies remains on hand at the end of the year.

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