Question
You paid Facebook $12,000 for online advertisements. This amountdoes not include GST,hence use the No Tax code.These ads will run over the next 2 months,
You paid Facebook $12,000 for online advertisements. This amountdoes not include GST,hence use the No Tax code.These ads will run over the next 2 months, with an end date of 15thMarch 2021. Record this as a prepayment (i.e. prepaid advertising asset) on this date. Adjustment for the amount expensed will be recorded at month end.
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College Accounting Chapters 1-27
Authors: James A. Heintz, Robert W. Parry
23rd edition
1337794759, 978-1337794756
