Question

In: Accounting

The owners paid $2,000 for website advertising. They were able to get a good deal because...

The owners paid $2,000 for website advertising. They were able to get a good deal because one of the company's owners also owns stock in the website company. The owners also paid $6,000 for some advertising in local newspapers. [Note: Combine both transactions into one entry].

Account: Dollar amount:

Account: Dollar amount:

Account: Dollar amount:

Account: Dollar amount:

Account: Dollar amount:

Account options: Cash, Accounts receivable, inventory, prepared rent, fixtures and equipment, accounts payable, interest payable, wages payable, notes payable, cash in capital, returned earnings, leave blank

Solutions

Expert Solution

Answer
Accounts Cash Dollar Amount $ -8,000.00
Accounts Advertising Expenses Dollar Amount $    8,000.00

Working Notes – By Combining both entries Total Advertising expense will be $ 8,000.

Cash Will be decreased and shown as a minus Figure.

Journal Entry Would be
Advertisement expense                              $8,000.00
                           Cash                                                      $8,000.00
( To Record account payment of Advertisement expenses)

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