Sparkling Pools received a bill for $1,200 for running newspaper ads during the last two weeks of July; the bill will be paid on August 1. Advertising Expense should be:
A. credited for $1,200 in July.
B. debited for $1,200 in July.
C. credited for $1,200 in August.
D. debited for $1,200 in August.
Answer: B
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The income statement of Hope Market, Inc reported a gain from the sale of land. How are the cash flow effects of this transaction reported on the statement of cash flows if the direct method is used to prepare the Operating Activities category?
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