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MMLU-Pro / 5644 / On October 31, year 1, a company with a calendar year-end paid …

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

On October 31, year 1, a company with a calendar year-end paid 90,000forservicesthatwillbeperformedevenlyoverasixmonthperiodfromNovember1,year1,throughApril30,year2.Thecompanyexpensedthe90,000 for services that will be performed evenly over a sixmonth 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?
Plain-text mathematical notation (without MathML)
On October 31, year 1, a company with a calendar year-end paid 90,000forservicesthatwillbeperformedevenlyoverasixmonthperiodfromNovember1,year1,throughApril30,year2.Thecompanyexpensedthe90,000 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?
Original LaTeX notation
On October 31, year 1, a company with a calendar year-end paid $90,000 for services that will be performed evenly over a sixmonth 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?

category

other

options

  1. Debit prepaid services and credit services expense for $90,000.
  2. Debit prepaid services and credit cash for $30,000.
  3. Debit services expense and credit cash for $60,000.
  4. Debit services expense and credit prepaid services for $60,000.
  5. Debit prepaid services and credit cash for $60,000.
  6. Debit prepaid services and credit services expense for $60,000.
  7. Debit services expense and credit prepaid services for $90,000.
  8. Debit cash and credit prepaid services for $30,000.
  9. Debit prepaid services and credit services expense for $30,000.
  10. Debit services expense and credit prepaid services for $30,000.

src

ori_mmlu-professional_accounting

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Source and history

upstream_id / Original problem ID
5644
task_id
11cda211-16d0-5c37-80ce-7295fd72ba6b
task_key
default--test--5644
task_revision_id
1
config / split
default / test

Official source

initial import