Question
Asked Sep 2, 2019
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On dec 1 2018 the company paid a local radio station $5400 for 40 ads that were to be aired, 20 per month, throughout Dec and Jan. Prepaid advertising was debited.

what is the adjusting entry at year’s end on dec 31, 2018.

general journal what is debited and credited?

 

 

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Expert Answer

Step 1

Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to update the income statement accounts (revenue and expenses) and balance sheet accounts (assets, liabilities, and stockholders’ equity) to maintain the reco...

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