Concept explainers
a.
Introduction: Accounting is a process under which the financial transactions are identified, recorded, analyzed, and summarized, and at the end of the year, the financial results are reported. The various financials prepared at the end of the year are the
To prepare: The
b.
Introduction: Accounting is a process under which the financial transactions are identified, recorded, analyzed, and summarized, and at the end of the year, the financial results are reported. The various financials prepared at the end of the year are the balance sheet, cash flow statement, and income statement.
To prepare: The adjusting entry on December 31 and entry on January 6 for the payment of salaries assuming reversing entries are made.
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