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Category > Accounting Posted 12 Dec 2017 My Price 10.00

Ambassador Hotels purchases one year of cleaning service

Ambassador Hotels purchases one year of cleaning service on December 1 for $24,000 ($2,000 per month), deb-iting prepaid cleaning expense, On December 31, Ambassador would record the following year-end adjusting entry:

 

Select one:

a. Cleaning Expense (Debit) $22000 ; Prepaid Cleaning (Credit) $22000 Incorrect

b. Cleaning Expense (Debit) $24000 ; Prepaid Cleaning (Credit) $24000

c. Cleaning Expense (Debit) $2000 ; Prepaid Cleaning (Credit) $2000

d. Prepaid Cleaning (Debit) $2000 ; Cleaning Expense (Credit) $2000

e. No entry is required on December 31 because full cash payment was made on December 1 and the Cleaning does not expire until the following November 30

Answers

CourseLover
(12)
Status NEW Posted 12 Dec 2017 06:12 AM My Price 10.00

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