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Prepare the adjusting entry of the employees salaries

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Make the adjustments entries for the following transactions before preparing the final accounts for LLC company:

  • On the 25th of November 2021, the business purchased supplies for 10000 cash. On 31st of December, 2021 the business found out that the supplies still on hand were 5000 only.
  • The business has a Equipment with book value of 8000, with annual depreciation rate of 12%.
  • On the1st of August the business purchased a one-year insurance policy for 1800. Prepare the adjusting entry on 31st of December 2021.
  • The employees are paid salaries on the 29th of each month.

Problem 1: Prepare the adjusting entry of 5000 of the employees' salaries that are not yet paid on the 31st of December, 2021.

Reference no: EM132920222

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