Which of the following journal entries is correct when a business entity pays cash for advertising...
Which of the following journal entries is correct when a business entity pays cash for advertising to be used next year?
Multiple Choice
-
Cash xxx Advertising expense xxx -
Advertising expense xxx Cash xxx -
Cash xxx Prepaid advertising expense xxx -
Prepaid advertising expense xxx Cash xxx
Homework Answers
The entry would be
| Prepaid advertising expense (asset +) | xxx | |
| Cash (asset -) | xxx |
Option D is the answer
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Which of the following journal entries is correct when a
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To be answered as shown in pic 3.
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Which one of the Entries below will be included in the Journal Entry to record the following transaction; Our Business paid $3,000 cash for Insurance for the next 3 months. Debit to Prepaid Insurance $3,000 Credit to Insurance Expense $3,000, Credit to Insurance Liability $3,000 Debit to Insurance Expense $3.000 Debit to Cash $3,000 The Basic Definition of "Closing" an Account is; To Reset the Balance to Zero To Delete the Account To Record the Account in the Trial Balance...
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4-8. Adjusting entries. For each of the following entries, identify whether the entry is correct. If it is income provide the correct adjusting entry in the journal provided on the next page. No entry made. The office equipment is brand new, having been purchased only one year ago $5,000. Since it is expected to last five years and have a salvage of $1,000, the bookkeeper has decided that it really shows so little wear that depreciation need not be taken...
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To be answered as shown in pic 3.
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