financial accounting by Spiceland, J. David; Thomas, Wayne; Hermann, Don Turn to page# 117 -> Read...

financial accounting by Spiceland, J. David; Thomas, Wayne; Hermann, Don

Turn to page# 117 -> Read the Ethical Dilemma section on Prepaid Advertising (100% Points). Part I: a) Write the journal entries to record the advertising expense for the month of November 2018 and December 2018 (Assume $500,000 per each month). b) Write the journal entry to record the advertising cost as a Prepaid Ads (an asset) for the fiscal year 2018. c) If the Prepaid Ads journal is recorded and posted in 2018 (from item b) , what is the reversal journal for this transaction in fiscal year 2019? Part II: Answer the two(2) questions asked from the Ethical Dilemma problem : (1) As an employee, should you knowingly record advertising cost incorrectly if asked to do so by your superior?” (2) Does your answer change if you believe that misreporting will save employee jobs? The answer to Q1& Q2 (Part II) should be a min 1 paragraph / max up to 2 paragraphs.

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