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Question - The following transactions took place for "Share Trip" travel booking company during August, 2022.
August 4: Received $850000 cash for selling 40 tickets to SKF Pharmaceuticals for the flight in November
August 8: Signed a 1 year rental agreement on office transport for the employees and paid $75000 in advance for the whole year.
August 15: Purchased a car worth $1580000 from Excel Motors and paid them 50% cash and rest on account.
August 20: Paid Excel Motors in full.
August 25: Salaries incurred for 5 employees, totalling $250000 which will be paid on 02nd September, 2022.
Required -
a. Prepare journal entries to record each of the events listed.
b. Prepare ledger accounts for cash and accounts payable.
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