How much advertising expense would they have recorded

Assignment Help Accounting Basics

Reference no: EM133901411

Problem

Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question. The Blue Nile Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $1,240 for six months of advertising. Blue Nile Law Firm recorded $1,240 in the Prepaid Advertising account. Get the instant assignment help. If Blue Nile 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?

Reference no: EM133901411

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