Question

In: Accounting

Sixth Company: You have been assigned to prepare accounting treatments for the following cases: First case:...

Sixth Company: You have been assigned to prepare accounting treatments for the following cases:


First case: (consideration of prepaid expenses as an asset)
On the date of 1/1 the company paid advertising and advance fees in the amount of 24,000 dinars in cash for a two-year campaign:
Required: 1) Procedure for recording the payment of advertising and prepaid advertising fees in 1/1
2) Procedure for recording the inventory settlement and closing restrictions on 12/31


The second case: (the revenue receivable)
On the date of 12/31, the rental income of the future company was 22,000 dinars, knowing that the monthly rental income is 2000 dinars.
The required: Procedure for recording the inventory settlement and closing on 12/31

Solutions

Expert Solution

Please find the attached sheets,

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ekkarill92 answered 1 year ago
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