On july 1 of the current calendar year, plum co. paid $7,500 cash for management services to be performed over a two-year period beginning july 1. plum follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. the adjusting entry on december 31 of the current year for plum would include:
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Home » Business » On july 1 of the current calendar year, plum co. paid $7,500 cash for management services to be performed over a two-year period beginning july 1. plum follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment.