On June 1, 2017, a cheque in the amount of $5,160 was issued for a two-year subs

Question

On June 1, 2017, a cheque in the amount of $5,160 was issued for a two-year subscription to a trade publication starting on June 1, 2017. The amount was charged to Operating Expenses.
dr prepaid expense...
cr operating expense
how to record the number ,thank On June 1, 2017, a cheque in the amount of $5,160 was issued for a two-year subscription to a trade publication starting on June 1, 2017. The amount was charged to Operating Expenses.
dr prepaid expense...
cr operating expense
how to record the number ,thank On June 1, 2017, a cheque in the amount of $5,160 was issued for a two-year subscription to a trade publication starting on June 1, 2017. The amount was charged to Operating Expenses.
dr prepaid expense...
cr operating expense
how to record the number ,thank

Explanation / Answer

Entry :

Date account and explanation debit credit June 1 Operating expense 5160 Cash 5160 Dec 31 Prepaid expense (5160*7/24) 1505 Operating expense 1505

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