### A company pays for advertising space in the local paper

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In January, a company pays for advertising space in the local paper for ads to be run during the months of January, February, and March at \$1,650 a month. The journal entry to record the payment would debit to:

Cash for \$4,950, credit Advertising Expense for \$1,650, and credit Prepaid Advertising for \$3,300.

Advertising Expense for \$1,650, debit Prepaid Advertising for \$3,300, and credit Cash for \$4,950.

Accounts Payable and a credit to Stockholders' Equity for \$4,950.

Accounts Payable and a credit to Cash for \$4,950.

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