ory Bookmarks W dow Hep ROVE MASTERY: Adjusting Entries Prove your mastery! Your

Question

ory Bookmarks W dow Hep ROVE MASTERY: Adjusting Entries Prove your mastery! Your results will report to the gradebook. If you are not ready to submit work for a grade, you can try activities again or attempt the Practice Mastery Your work will be saved as you work through each part. MA 4 Read each scenario, decide whether the company is using Cash basis or Accrual basis and then enter your answer to the question. The Johnny Flowers Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $790 for six months of advertising. Johnny Flowers Law Firm recorded $790 in the Prepaid Advertising account. Cash basis f Johnny Flowers Law Firm had recorded their expenses using the other method, how much advertising expense would they have recorded for the two months ending February 28? Enter this value as a positive (ACCT 2301-3 Copytight 2 Poaron E (T is baned on 3 4 6 0

Explanation / Answer

Advertising Expenses paid for 6 month $790 Recorded Advertising Expenses for 2 month (790/6)*2 $263.33

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