journal entries for Advertising cost incurred in 2019 prior opening the new outlet rm 250,000
Journal Entry
Date: [Date]
Account Title: Advertising Expenses
Debit: RM 250,000
Credit: Cash/Bank (or Accounts Payable, if not paid yet) RM 250,000
Explanation: In 2019, prior to opening the new outlet, advertising costs totaling RM 250,000 were incurred. This journal entry records the expense incurred in the Advertising Expenses account. If the amount has been paid, cash/bank is credited. If the amount is yet to be paid, accounts payable is credited.