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elisa77
Jan 30, 2007, 11:52 AM
How would I journalize this adjusting entry
1. A total of $640 worthof advertising copy, paid for and correctly charged to the advertising Expense account, will be published in January editions next quarter.

My answer is
Prepaid advertising debit 640
Advrtisng expense credit 640

elecho12
Jan 30, 2007, 08:24 PM
how would i journalize this adjusting entry
1. A total of $640 worthof advertising copy, paid for and correctly charged to the advertising Expense account, will be published in January editions next quarter.

my answer is
prepaid advertising debit 640
advrtisng expense credit 640
Credit cash 640
Debit prepaid advertising 640

CaptainForest
Jan 30, 2007, 09:36 PM
I agree with elecho12

Dr. Prepaid Advertising 640
Cr. Cash 640

And once it prints in January,
Dr. Advertising Expense 640
Cr. Prepaid Advertising 640