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Adjusting entries: Prepare the adjusting entries needed at December 31, 2020.If no entry is needed, write...

Adjusting entries:
Prepare the adjusting entries needed at December 31, 2020.If no entry is needed, write NONE.

1.   Interest on a $ 42,000, 7%, six-year note payable was last paid on September 1, 2019.
2.   On May 31, 2020, Maison entered into a contract to provide services to a customer for 18 months
beginning June 1. The customer paid the $ 18,000 fee in full on June 1 and Maison credited it to Service Revenue.

3.   On August 1, 2020, Maison paid a year's rent in advance on a warehouse, and debited the $
48,000 payment to Prepaid Rent.

4.   Depreciation on office equipment for 2020 is $ 17,000.
5.   On December 18, 2020, Maison paid the local newspaper $ 1,000 for an advertisement to be run
in January of 2021, debiting it to Prepaid Advertising

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