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Policy of recording all prepaid expenses

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Reference no: EM131412460

On July 1 Plum Co. paid $9,000 cash for management services to be performed over a two-year period. Plum follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. On July 1 Plum should record:

  • a debit to an expense and credit to Cash for $9,000.
  • a debit to a prepaid expense and a credit to Cash for $9,000.
  • a debit to Cash for $9,000 and a credit to an expense for $9,000.
  • a debit to an expense and a credit to a prepaid expense for $9,000.
  • a credit to a prepaid expense and a debit to Cash for $9,000.

Reference no: EM131412460

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