Question

Current Attempt in Progress On October 31, year 1, a company with a calendar year end paid $90,000 for services that will be performed evenly over a six-month period from November 1, year 1, through April 30, year 2. The company expensed the $90,000 cash payment in October, year 1, to its services expense general ledger account. The company did not record any additional journal entries in year 1 related to the payment. What is the adjusting journal entry that the company should record to properly report the prepayment in its year 1 financial statements? Debit services expense and credit prepaid services for $60,000. Debit services expense and credit prepaid services for $30,000. Debit prepaid services and credit services expense for $30,000. • Debit prepaid services and credit services expense for $60,000. Attempts: 0 of 1 used Submit Answer

          Current Attempt in Progress
On October 31, year 1, a company with a calendar year end paid $90,000 for services that will be performed evenly over a six-month
period from November 1, year 1, through April 30, year 2. The company expensed the $90,000 cash payment in October, year 1, to its
services expense general ledger account. The company did not record any additional journal entries in year 1 related to the payment.
What is the adjusting journal entry that the company should record to properly report the prepayment in its year 1 financial
statements?
Debit services expense and credit prepaid services for $60,000.
Debit services expense and credit prepaid services for $30,000.
Debit prepaid services and credit services expense for $30,000.
• Debit prepaid services and credit services expense for $60,000.
Attempts: 0 of 1 used
Submit Answer

Current Attempt in Progress
On October 31, year 1, a company with a calendar year end paid 90,000 for services that will be performed evenly over a six-month
period from November 1, year 1, through April 30, year 2. The company expensed the90,000 cash payment in October, year 1, to its
services expense general ledger account. The company did not record any additional journal entries in year 1 related to the payment.
What is the adjusting journal entry that the company should record to properly report the prepayment in its year 1 financial
statements?
Debit services expense and credit prepaid services for 60,000.
Debit services expense and credit prepaid services for30,000.
Debit prepaid services and credit services expense for 30,000.
• Debit prepaid services and credit services expense for60,000.
Attempts: 0 of 1 used
Submit Answer

Added by Tyler T.

Question

Please give Ace some feedback