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How to journalize the adjusting entry on december

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Reference no: EM132583993

On April 1, Peterson Company paid $9300 for one year of advertising, in advance. Peterson Company recorded the transaction by debiting Prepaid Advertising and crediting Cash.

Question 1: Journalize the adjusting entry on December 31. Note: Assume that the advertising is used evenly throughout the year.

Reference no: EM132583993

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