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What is the advertising expense reported

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Reference no: EM133188880

Question - The balance in the Prepaid Advertising Account on October 1st for Modern Company was $1,500. On December 1st it renewed its advertising and promotion contract with the Direct Sale TV channel for 3 more months for a total price of $2,280. The payment in full will be made on January 5th. Modern Company's accounting period ends on December 31st.

Required -

1. The adjusting journal entry on Prepaid Advertising on October 31st was for:

2. What is the yearend balance of Advertising Payable reported in the balance sheet of Dec 31st? $

3. What is the Advertising Expense reported on the annual Income Statement ended on December 31st?

Reference no: EM133188880

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