Answers
Journal Entries
| Account | Credit | Debit | |
| Nov 1 | Prepaid advertising | $ 60,000 | |
| Cash | $ 60,000 | ||
| Dec 1 | Cash | $ 100,000 | |
| Unearned revenue | $ 100,000 | ||
| Dec 31 | Advertising expense | $ 30,000 | |
| Prepaid advertising | $ 30,000 | ||
| Dec 31 | Unearned Revenue | $ 20,000 | |
| Revenue | $ 20,000 |
T Accounts
| Prepaid Advertising | |||||
| Date | Particular | Amount | Date | Particular | Amount |
| Nov 1 | Cash | $ 60,000 | Dec 31 | Advertising expense | $ 30,000 |
| Dec 31 | Cl Balance | $ 30,000 | |||
| $ 60,000 | $ 60,000 | ||||
| Advertising Expense | |||||
| Date | Particular | Amount | Date | Particular | Amount |
| Dec 31 | Prepaid advertising | $ 30,000 | |||
| Cash | |||||
| Date | Particular | Amount | Date | Particular | Amount |
| Dec 1 | Unearned revenue | $ 100,000 | Nov 1 | Prepaid advertising | $ 60,000 |
| Unearned Revenue | |||||
| Date | Particular | Amount | Date | Particular | Amount |
| Dec 31 | Revenue | $ 20,000 | Dec 1 | Cash | $ 100,000 |
| Dec 31 | Cl balance | $ 80,000 | |||
| $ 100,000 | $ 100,000 | ||||
| Revenue | |||||
| Date | Particular | Amount | Date | Particular | Amount |
| Dec 31 | Revenue | $ 20,000 | |||
E
Journal
| Account | Credit | Debit | |
| Nov 1 | Advertising Expense | $ 60,000 | |
| Cash | $ 60,000 | ||
| Dec 1 | Cash | $ 100,000 | |
| Revenue | $ 100,000 | ||
T Accounts
| Advertising Expense | Revenue | |||||||||||||
| Date | Particular | Amount | Date | Particular | Amount | Date | Particular | Amount | Date | Particular | Amount | |||
| Nov 1 | Cash | $ 60,000 | Dec 1 | Cash | $ 100,000 | |||||||||
| Cash | ||||||||||||||
| Date | Particular | Amount | Date | Particular | Amount | |||||||||
| Dec 1 | Revenue | $ 100,000 | Nov 1 | Advertising expense | $ 60,000 | |||||||||
We see the total expense in this year is much more than it was in requirement D. There is no Prepaid balance or Unearned balance.
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