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On August 1, Ramirez Company paid $2,400 for one year of advertising, in advance. Ramirez Company recorded the transaction by debiting Prepaid Advertising and crediting

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On August 1, Ramirez Company paid $2,400 for one year of advertising, in advance. Ramirez Company recorded the transaction by debiting Prepaid Advertising and crediting Cash. Required: Journalize the adjusting entry on December 31. Note: Assume that the advertising is used evenly throughout the year

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