Consider the following situations for Shocker: 1)On November 28, 2021, Shocker receives a $2,550 payment from a customer for services to be rendered evenly over the next three months

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Consider the following situations for Shocker:

1)On November 28, 2021, Shocker receives a $2,550 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited.

2)On December 1, 2021, the company pays a local radio station $2,310 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited.

3)Employee salaries for the month of December totaling $6,700 will be paid on January 7, 2022.

4)On August 31, 2021, Shocker borrows $57,000 from a local bank. A note is signed with principal and 9% interest to be paid on August 31, 2022.

 

Required:

Record the necessary adjusting entries for Shocker at December 31, 2021. No adjusting entries were made during the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)