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John Moffat.
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rinna2345
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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?
Question :
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.
John Moffat
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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.
rinna2345
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