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Consider the following situations for Shocker:
On November Shocker received a $ payment from a customer for services to be rendered evenly over the next
three months. Deferred Revenue was credited on November
On December the company paid a local radio station $ for radio ads that were to be aired, per month, throughout December, January, and February. Prepaid Advertising was debited on December
Employee salaries for the month of December totaling $ will be paid on January
On August Shocker borrowed $ from a local bank. A note was signed with principal and interest to be paid on August
Required:
Indicate by how much the assets, liabilities, and stockholders' equity in the December balance sheet is higher or lower if the adjusting entry is not recorded. If none of the categories apply for a particular item, leave the cell blank.
tableAssets,Liabilities,Stockholders' EquityPZPTELLTZTotalTT
