Paid $1,200 cash to Hilldale Mall for Success Systems' share of mall advertising cost.
I need to know the debit and credit.
To determine the debit and credit for the transaction of paying $1,200 cash to Hilldale Mall for Success Systems' share of mall advertising cost, you need to consider the accounts involved.
Debit represents an increase in assets and expenses, while credit represents a decrease in assets and liabilities or an increase in equity and revenue. In this case, since you are paying cash, the cash account will decrease (credit) because cash is being paid out.
To find the debit account, you need to identify which account is related to the mall advertising cost for Success Systems. Depending on the specific chart of accounts used by the company, it could be an advertising expense account or an account specifically designated for mall advertising.
So, based on this information, the likely entries for the transaction will be:
Debit: Advertising Expense or specific Mall Advertising Expense account
Credit: Cash
Please note that this is a general approach and may vary depending on the company's specific accounting practices. It is best to consult with the company's financial personnel or accountant for the specific accounts and entries to be made.