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Hi, I am having some difficulty figuring out the double entry in May. When we received the invoice does it mean we immediately pay in cash? How do I record the double entry in May?
Jan to Apr 2020 we accrued advertising expense of $ 100/month, in May 2020 we received the whole year invoice amounting to $1,200. Please prepare Jan-Dec 2020 journals.
your help will be much appreciated.
When the May invoice is paid, the entry is Cr Cash and Dr advertising, and the existing accrual is removed by Dr accruals Cr advertising.