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Prepare the journal entries necessary to record transactions

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Reference no: EM132000034

Question - On December 15th, Great Designs Company hired an independent contractor for a project. The contractor completed the project on December 29th and submitted an invoice for $2,425 which was due on January 15th. The amount was duly paid on January 15th.

(a) Prepare the journal entries necessary to record these transactions.

(b) Explain why you prepared this/these journal entries.

Reference no: EM132000034

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