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Business

Accounting

what is the correcting entry for.. paid $1000 cash for radio advertising

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

what is the correcting entry for.. paid $1000 cash for radio advertising

Expert Solution

Step 1

A journal entry is a book in which accounting transaction is recorded. Journal is called a book of 'ORIGINAL ENTRY' or 'BOOK OF PRIMARY ENTRY' as all the transactions pertaining to a business are first entered in this book.

The process of recording the transaction in the general is called 'JOURNALIZING' and the entry made in a journal is called 'JOURNAL ENTRY'

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