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On June 1, Adams Company paid $8,400 for one year of advertising, in advance. Adams Company recorded the transaction by debiting Prepaid Advertising and crediting

On June 1, Adams Company paid $8,400 for one year of advertising, in advance. Adams 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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