If someone could help me figure this out I would greatly appreciate it! I am horrible with this subject!! I know its probably elementary accounting.. But I am lost nonetheless.
Q: Prepare entries for the following transactions under the method that records prepaid expenses as expenses and records unearned revenues as revenues. Also prepare adjusting entries at the end of the year.
Nov. 1 Paid $1800 cash for future newspaper advertising
1 Paid $2460 cash for 12 months of unsurance through October 31 of the next year
30 Received $3,600 cash for future services to be provided to a customer
Dec 1 Paid $3000 cash for a consultant's services to be received over the next 3 months
15 Received $7950 cash for future services to be provided to a customer
31 Of the advertising paid for on Nov 1, $1200 worth is not yet used
31 A portion of the insurance paid for on Nov 1 has expired. No adjustment was made in November to prepaid Insurance
31 Services worth $1500 are not yet provided to the customer who paid on November 30.
31 One third of the consulting services paid for on Dec 1 have been received.
31 The company has performed $3,300 of services that the customer paid for on Dec 15.
That's it. Any help would be amazing! :D
