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Post the journal entries to the t-accounts

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Question - Golden Designs incurred the following 2018 transactions:

November 01: Paid $ 60,000 to place an ad for 4 months on the internet.

December 01: Received $ 100,000 cash payment to produce a monthly coin for the next 5 months.

1. Open T-accounts for Prepaid Advertising, Advertising Expense, Unearned Revenue, and Revenue.

2. Prepare a journal entry that would debit an asset account, Prepaid Advertising. Prepare a journal entry that would credit a liability account, Unearned Revenue. No explanations are needed.

3. Prepare journal entries to record the December 31, 2018 adjustments.

4. Post the journal entries to the T-accounts. No posting references are needed. Show the December 31, 2018 balances on the T-accounts.

5. Repeat requirements A through D above. This time, instead of debiting Prepaid Advertising, debit Advertising Expense. This time, instead of crediting Unearned Revenue, credit Revenue.

6. By comparing the balances in requirements D and E, what did you notice?

Reference no: EM132540209

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