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The Jamesway Corporation had the following situations on December 2013.

1.On December 20, 2013, Jamesway received a $4,100 payment from a customer for services to be rendered early in 2014. Service revenue was credited.

2.On December 1, 2013, the company paid a local radio station $2,200 for 40 radio ads that were to be aired, 20 per month, throughout December and January. Prepaid advertising was debited.

3. Employee salaries for the month of December totaling $17,000 will be paid on January 7, 2014.

4.On August 31, 2013, Jamesway borrowed $50,000 from a local bank. A note was signed with principal and 6% interest to be paid on August 31, 2014.If none of the adjusting journal entries were made, would assets, liabilities, and shareholders' equity on the 12/31/13 balance sheet be higher or lower and by how much?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9964287

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