On July 1, 2024, Rogers received $4,300 from a customer for advertising services to...
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Accounting
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.
At the end of the year, income taxes owed are $5,300.
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.
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.
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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