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Problem - Mr. Michal works as a financial accountant in a consulting service company. At the end of December 14th he realizes that there is a mismatch between the cash balance in the general ledger and the cash that he has in the drawer. The cash in his drawer are showing a balance of $2560 and the cash balance in the books is $3650. He does not remember where the money went to so he just prepares an adjusting journal entry. The next day on 15th of December he remembers that he actually paid one of the suppliers for the services offered last month, for the exact amount and forgot to record it. Prepare the journal entry for December 14th and December 15th.
below you will find a series of independent questions involving present value concepts. show all factors used in
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