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| On October 31, year 1, a company with a calendar year end paid $90,000 for services that will be performed evenly over a six-month period from November 1, year 1, through April 30, year 2. The company expensed the $90,000 cash payment in October, year 1, to its services expense general ledger account. The company did not record any additional journal entries in year 1 related to the payment. What is the adjusting journal entry that the company should record to properly report the prepayment in its year 1 financial statements? A. Debit prepaid services and credit services expense for $30,000. B. Debit prepaid services and credit services expense for $60,000. C. Debit services expense and credit prepaid services for $30,000. D. Debit services expense and credit prepaid services for $60,000. |
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