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Question 12 A Click Submit to complete this assessment 5 points Save An estion 12 Al-Ain Co. had the following transactions in the last few months of its fiscal year ended on December 31st. RECORDING ENTRIES: - Sep. 1 Received $6,800 cash to perform future consulting services for an industrial client. Sep i Paid in advance $3,600 cash for 6 months of rent expense through February 28th of the next year. Sep 30 Paid $3,200 cash to a law firm for future legal services to be received. Oct 1 Paid $4.450 cash for future newspaper advertising. Oct 31 Utilities expenses amounting $2,500 for the month of October are paid at the end of the month. Nov 15 Purchased office equipment amounting $9,500 and paid by cash. ADJUSTING ENTRIES: Dec 31 of the advertising paid for on Oct 1, total $2,450 worth of advertisement is not yet used. Dec 31 Out of the total legal services paid in advance on September 30th, services worth $800 are received during the period ended on December 31st Required: - a) Prepare recording entries during the year for these transactions under the method that records prepaid expenses and unearned revenues at the time cash is paid or received in the balance sheet accounts. (3 marks) b) Also prepare two of the given adjusting entries mentioned above at the end of the year on Dec 31st. (2 marks) TTT Ariel + T.EE Q 13120

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