The following items are necessary for preparing the 2024 year-end adjustments for Gamecock Advertising Agency....
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The following items are necessary for preparing the yearend adjustments for Gamecock Advertising Agency. Gamecock's fiscal yearend is December On July Gamecock received $ from a customer for advertising services to be given evenly over the next months. Revenues related to other advertising provided during the year total $ At the end of the year, income taxes owed are $ These taxes won't be paid until next April On May the company paid $ for a twoyear fire and liability insurance policy. The amount was recorded in Prepaid Insurance on May Insurance costs prior to May total $ On September the company borrowed $ from a local bank and signed a note. Principal and interest at will be paid on August At yearend, there is a $ balance in the Supplies account. Only $ of supplies remains on hand at the end of the year. Required: For each item, determine the accounts to be adjusted on December the balances before adjustment, the amount of the adjustment, and the ending balances. Assume no adjustments were previously made during the year. Note: Amounts to be deducted should be indicated with a minus sian. 
The following items are necessary for preparing the yearend adjustments for Gamecock Advertising Agency. Gamecock's fiscal yearend is December
On July Gamecock received $ from a customer for advertising services to be given evenly over the next months. Revenues related to other advertising provided during the year total $
At the end of the year, income taxes owed are $ These taxes won't be paid until next April
On May the company paid $ for a twoyear fire and liability insurance policy. The amount was recorded in Prepaid Insurance on May Insurance costs prior to May total $
On September the company borrowed $ from a local bank and signed a note. Principal and interest at will be paid on August
At yearend, there is a $ balance in the Supplies account. Only $ of supplies remains on hand at the end of the year.
Required:
For each item, determine the accounts to be adjusted on December the balances before adjustment, the amount of the adjustment, and the ending balances. Assume no adjustments were previously made during the year.
Note: Amounts to be deducted should be indicated with a minus sian.
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