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On October 1, 2010, Pilcher's Inc paid $60,000 to the Chicago Informer for newspaper advertisements that will run from November 1, 2010 through December 24,

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On October 1, 2010, Pilcher's Inc paid $60,000 to the Chicago Informer for newspaper advertisements that will run from November 1, 2010 through December 24, 2010. Which of the following journal entries should Pilchers recognize on October 1, 2010? Prepaid Advertising 60,000 Cash 60,000 Prepaid Advertising 60,000 Accounts Payable 60,000 Advertising Revenue 60,000 Cash 60,000

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