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6. Daymond John mentioned that in order to find strategic partner he paid $2,000 for a classified advertisement in the local (NY) newspaper. Assume that

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6. Daymond John mentioned that in order to find strategic partner he paid $2,000 for a classified advertisement in the local (NY) newspaper. Assume that he paid for ad in December and the advertisement appeared in the newspaper in January of the next year. What journal entry did FUBU make when it recognized Advertisement expense in January? Assets = Llabilities Stockholders' Equity Net Revenue - Expense = Income Options Cash Prepaid Accounts Unearned + Retained + Common + + advertisement payable revenue Stock earnings 2,000 = + + + 2,000 + (2,000) = + +(2,000) -2,000 = (2,000) (2,000) =(2,000) + + + D (2,000) + + + 2,000 2,000 =(2,000) IIIIIIII + + + + DI DI

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