On July 1 Plum Company paid $7,500 cash for management services to be performed over a two-year period. On July 1, Plum should record:

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Caitievincent2570idn Caitievincent2570idn

07-04-2022
Business

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On July 1 Plum Company paid $7,500 cash for management services to be performed over a two-year period. On July 1, Plum should record:

Sagot :

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Parrainidn Parrainidn · Answer 1 · 2022-04-12T04:51:41-04:00

Based on the cost of the management service, Plum Company on July 1 should record A debit to a prepaid expense and a credit to cash for $7,500.

What should Plum record?

The entire amount of $7,500 is being paid for a service that has not yet happened so they will go to the Prepaid expense account. As this is an expense, it is debited when it is increased.

Cash should then be credited by the same amount to show that it is reducing.

Find out more on prepaid expenses at https://brainly.com/question/14806222.

Sagot :

What should Plum record?

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