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B - The following transactions occurred in ABC Company: 1.The accrued salaries at December 31,2020 amounted to $490, The accountant made an adjusting entry by
B- The following transactions occurred in ABC Company:
1.The accrued salaries at December 31,2020 amounted to $490, The accountant made an adjusting entry by debiting salaries expense $940 and crediting Accrues Salaried $940.
2.The accountant recorded $900 Depreciation Expense on store equipment as follows:
Dr.Depreciation Expense 900
Cr.Cash 900
Required:
Show the effect of each entry on the financial statements separately. (Correcting entries are not required).(6 marks)
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