Your company, which is on the accrual basis retains a lawyer for$12,000 a year and pays 3 months’ in advance, recording it asPrepaid Legal Expense. If, at year end, 2 months have elapsed, whatadjusting entry do you record?
Prepaid Legal Expense 2,000
LegalExpense 2,000
LegalExpense 2,000
Prepaid LegalExpense 2,000
LegalExpense 3,000
Prepaid LegalExpense 3,000
Prepaid Legal Expense12,000
Cash12,000
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