Your accounting lecturer remarked: The journal entries necessary to record the expense and liability in accounting for
Question:
Your accounting lecturer remarked: ‘The journal entries necessary to record the expense and liability in accounting for long service leave can be easily and logically derived. However, deciding when to record such entries and the dollar amount involved is problematic.’ Discuss.
Step by Step Answer:
The statement is correct The entries to account for LSL are straight forward X debit LSL expense to ...View the full answer
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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