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On November 1, Patterson Company paid $7,200 for one year of advertising, in advance. Patterson Company recorded the transaction by debiting Prepaid Advertising and

On November 1, Patterson Company paid $7,200 for one year of advertising, in advance. Patterson 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. Date Account Title Dec. 31 Debit Credit

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