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On November 1, Barnes Company paid $12,000 for one year of advertising in advance. On November 1, Barnes Company debited Advertising Expense, which is an

On November 1, Barnes Company paid $12,000 for one year of advertising in advance. On November 1, Barnes Company debited Advertising Expense, which is an alternate way of recording the initial expenditure. Assume that the advertising is used evenly throughout the year. Required: Journalize the adjusting entry on December 31

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