| The Jamesway Corporation had the following situations on December 2013. |
| 1. |
On December 20, 2013, Jamesway received a $6,000 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 $6,000 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 $36,000 will be paid on January 7, 2014. |
| 4. |
On August 31, 2013, Jamesway borrowed $75,000 from a local bank. A note was signed with principal and 6% interest to be paid on August 31, 2014. |
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Prepare the necessary adjusting entries at its year end of December 31, 2013. No adjusting entries were made during the year. (If no entry is required for a particular transaction, select “No journal entry required” in the first account field.) |