3. Purchase of advertising materials for $730 during the year was recorded in th

Question

3. Purchase of advertising materials for $730 during the year was recorded in the Advertising Expense account. On December 31, advertising materials of $308 are on hand 4. Interest of $722 has accrued on notes payable Prepare the following in general journal form. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) (a) The adjusting entry for each item. No. Account Titles and Explanation 1. Insurance Expense Debit Credit 1310 Prepaid Insurance 1310 2. Rent Revenue 554 Unearned Rent Revenue 554 3 308 Administrative Expenses Admissions Revenue Advertising Expense 308 4.Bad Debt Expense 722 Prepaid Advertising Interest Payable 722

Explanation / Answer

Correct entry will be

Supplies refers to stock materials other than goods traded

Inventory refers to stock of goods traded.

So instead of inventory we will be using supplies. So try for supplies. If there is this option it will work.

Event general journal debit credit 3. supplies 308 Advertising expense 308

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