Solution-A company pays for advertising space in the local

A company pays for advertising space in the local paper

Reference no: EM131766184

In January, a company pays for advertising space in the local paper for ads to be run during the months of January, February, and March at $1,650 a month. The journal entry to record the payment would debit to:

Cash for $4,950, credit Advertising Expense for $1,650, and credit Prepaid Advertising for $3,300.

Advertising Expense for $1,650, debit Prepaid Advertising for $3,300, and credit Cash for $4,950.

Accounts Payable and a credit to Stockholders' Equity for $4,950.

Accounts Payable and a credit to Cash for $4,950.

Reference no: EM131766184

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A company pays for advertising space in the local paper

Reference no: EM131766184

Reference no: EM131766184

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