question archive 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
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
Subject:BusinessPrice: Bought3
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.
- 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.
