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Financial Accounting Midterm - Part 1 of 3!
SAMPLE
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3. Accrual Accounting Concepts / Introduction to Adjusting Journal Entries and Prepaid Expenses / Problem 15
Problem 15

A company pays \$3,600 for a 6-month advertising contract on February 1st. What is the monthly advertising expense, and what adjusting entry should be made on April 30th?