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    elisa77's Avatar
    elisa77 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 30, 2007, 11:52 AM
    Adjusting entries
    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's Avatar
    elecho12 Posts: 3, Reputation: 2
    New Member
    		  
    #2

    Jan 30, 2007, 08:24 PM
    Quote Originally Posted by elisa77
    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's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #3

    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
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