The Orange Lily Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $6750 for nine months of advertising. How much advertising expense should Orange Lily Law Firm record for the two months ending February 28 under the a. cash basis? b. accrual basis?

a.Under the cash basis, for the two months ending February 28, the law firm should record advertising expense of

Part 2

b.Under the accrual basis, for the two months ending February 28, the law firm should record advertising expense of