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A newspaper ad submitted and published this week with the agreement to pay for it next week How would that be reflected in an accounting journal entry?
Wiki User
∙ 14y ago
Dr. Advertising Expense, Cr. Accounts Payable
Wiki User
∙ 14y ago
In the accounting journal, this transaction would be recorded as a liability in the current week when the newspaper ad was submitted and published. It would be debited to Advertising Expense and credited to Accounts Payable. The payment would then be recorded in the following week by debiting Accounts Payable and crediting Cash.
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