On April $1,$ Davis Company paid $$12,000$ for one year of advertising, in advance. Davis Company recorded the transaction by debiting Prep crediting Cash.

Required:

Journalize the adjusting entry on December $31.$

Note: Assume that the advertising is used evenly throughout the year.

$\backslash$table$[[$Date$,$Account Title,Debit,Credit,$],[$Dec$.,31,,,,],[,,,,,$hat$(x)$