The following events occurred for a company during the

last #4312
The following events occurred for a company during the last two months of its fiscal year ended
December 31, 2014:Nov. 1 Paid $4,500 for future newspaper advertising.1 Paid $7,800 for
insurance through October 31 of the following year.30 Received $6,600 for future services to be
provided to a customer.Dec. 1 Paid $5,850 for the services of a consultant, to be received over
the next three months. 15 Received $12,100 for future services to be provided to a customer.31
Of the advertising paid for on November 1, $1,780 worth had not yet been published by the
newspaper.31 Part of the insurance paid for on November 1 had expired.31 Services worth
$1,650 had not yet been provided to the customer who paid on November 30. 31 One-third of
the consulting services paid for on December 1 had been received. 31 The company had
performed $2,750 of the services that the customer had paid for on December 15.Required1.
Prepare the November and December entries for the above activities under the approach that
records prepaid expenses as assets and records unearned revenues as liabilities. Also, prepare
adjusting entries at the end of the year.2. Prepare the November and December entries under
the approach that records prepaid expenses as expenses and records unearned revenues as
revenues. Also, prepare adjusting entries at the end of the year.Analysis Component: Explain
why the alternative sets of entries in requirements 1 and 2 do not result in different financial
statement amounts.View Solution:
The following events occurred for a company during the last

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