The Jamesway Corporation had the following situations on December 2013.
1. On December 20, 2013, Jamesway received a $5,200 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 $4,400 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 $28,000 will be paid on January 7, 2014.
4. On August 31, 2013, Jamesway borrowed $70,000 from a local bank. A note was signed with principal and 6% interest to be paid on August 31, 2014.
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.)