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On September 1, Ross Company paid $3,000 for one year of advertising in advance. On September 1, Ross Company debited Advertising Expense, which is an

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On September 1, Ross Company paid $3,000 for one year of advertising in advance. On September 1, Ross 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 Account Title Date Debit Credit Dec 31 ? X

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