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On June 30 2014 Apricot Co paid 5000 cash for management services to be performed over a two year period Apricot follows a policy of recording all prepaid expenses to asset accounts at the time

On June 30, 2014, Apricot Co.paid $5,000 cash for management services to be performed over atwo-year period. Apricot follows a policy of recording all prepaidexpenses to asset accounts at the time of cashpayment.

The adjusting entry on December 31, 2014, forApricot would include:

A debit to Management Services Expense for$1,250.

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A debit to Prepaid Management ServicesExpense for $1,250.

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A credit to Management Services Expense for$3,750.

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A debit to Prepaid Management ServicesExpense for $3,750.

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A credit to Management Services Payable for$1,250.

 

 

Mar 17 2020 Read more Less More

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