(Answered) Question - on october 1 hall company paid 8700 for one year

Accounting

Question - On October 1, Hall Company paid $8,700 for one year of advertising in advance.

Required:

1. How much will be expensed by the end of the year?

2. How much will be in the Prepaid Advertising account at the end of the year, after the adjusting entries have been prepared and posted?

Note: Assume a year end of December 31, and assume that the advertising will be used evenly throughout the year.

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