Please find the attached image for adjusting journal entries -
Explanation-
1) The company's financial year is closed at 31st december.On this date company has liability to pay for 2 days of salary to the employees.As per accrual and matching concept expenses must be provided and treated in the related period only.
This has led the above journal entry 1.
2) Since the company has right to receive the rent for the month december,hence a income must be booked for that month.
Please comment for any additional explanation.
Thanks
The company has 15 employees, who earn a total of $2,100 in salaries each working day....
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Accounting. Adjusting entries. Could you explain how you get the
answer?
Transaction B:
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