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Transaction 4 The owners paid $2,500 for website advertising. They were able to get a good deal...

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Accounting

Transaction 4
The owners paid $2,500 for website advertising. They were able toget a good deal because one of the company's owners also owns stockin the website company. The owners also paid $5,500 for someadvertising in local newspapers. [Note: Combineboth transactions into one entry].

Account:               Dollaramount:   

Account:   Dollaramount:   

Account: Dollaramount:   

Account: Dollaramount:   

Account: Dollaramount:   

Account options: Cash, Accounts Receivable, Inventory, PrepaidRent, Fixtures and Equipment, Accounts Payable, Interest Payable,Wages Payable, Notes Payable, Paid-in Capital, Retained Earnings,Leave Blank

Answer & Explanation Solved by verified expert
4.4 Ratings (925 Votes)

Answer:

Transaction 4

Accounts

Cash

Dollar Amount

$ -8,000.00

Accounts

Advertising Expenses

Dollar Amount

$    8,000.00

Working Notes – By Combining both entries Total Advertising expense will be $ 8000.

Cash Will be decreased and shown as a minus Figure.

Journal Entry Would be

Advertisement expense                               $8000.00

                Cash                                                      $8000.00
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