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A company has $300 in prepaid advertising before any adjustments. At the end of the year,...

A company has $300 in prepaid advertising before any adjustments. At the end of the year, an adjustung entry is made to debut advertising expense for $70. What is the ending balance in the prepaid advertising account will be
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Answer #1
Prepaid advertising before any adjustment $        300
Advertising expense for the year $          70
Ending Balance in prepaid advertising $        230
Working:
When at the end of year prepaid adverting expenses related adjustment made,Advertising expenses increases and Prepaid advertising balance reduces.
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