On September 1, 2012, Company A made a payment for gym membership for a year starting the same day. On December 31, 2012, Company A made the following adjusting journal entry. 8. 231/2012: Dr. Gym Membership Expense 400 Cr. Prepaid Gym Membership 400 Provide the journal entry that Company A made on September 1, 2012.
| 01-Sep-12 | Debit Prepaid Gym Membership ($400/4*12) | $ 1,200 | |
| Credit Cash | $ 1,200 |
in question at year end expenses accrued entry accounted. so we can assume entire payment accounted in prepaid account while payment happened
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