P Assessing Financial Statement Effects of Transactions and Adjustments Across Two Periods Sloan Company has the following account balances at December the end of its fiscal year all accounts have normal balances
Required
a Prepare Sloan Company's accounting adjustments at December using the financial statement effects template and the following additional information.
Prepaid advertising at December is $
Unpaid wages earned by employees in December are $
Prepaid insurance at December is $
Unearned service fees at December are $
Rent revenue of $ owed by a tenant is not recorded at December
b Use the financial statement effects template to record the following transactions on January of the following year:
Payment of $ cash in wages.
Cash receipt from the tenant of the $ rent revenue.
