Question

Jan 6. The salon signed a 15,000 contract with a Snapchat celebrity to cover the opening...

Jan 6. The salon signed a 15,000 contract with a Snapchat celebrity to cover the opening day that would be held on Thursday, Jan 9. The salon paid a 2,000 down payment to the celebrity on Jan 6 and agreed to pay the balance due after the advertisement.

how will be recording the transaction?

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Answer #1

JOURNAL

DATE DETAILS DEBIT CREDIT
JAN6 ADVERTISEMENT EXPENSE 15000
CASH 2000
ACCOUNT PAYABLE 13000
(ADVERTISEMENT EXPENSE RECORDED)
JAN 9 ACCOUNT PAYABLE 13000
CASH 13000
(REMAINING AMOUNT OF ADVETISEMENT BEING PAID)

EXPLAINATION FOR UNDERSTANDING

ON 6 JAN WE WILL MAKE AN ENTRY OF EXPENSE AND CREDIT THE REMAINING AMOUNT WHICH WILL PAID ON A DATE OF OPENING

ON 9 JAN WE WILL PAY THE REMAINING AMOUNT WHICH IS LEFT TO BE PAID

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