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Flyair a local air carrier and ABC an eccanimics institution, both companies exchange services with one another all the time. Both companies prepare their financial
Flyair a local air carrier and ABC an eccanimics institution, both companies exchange services with one another all the time. Both companies prepare their financial reports on monthly basis and were engaged in the following transactions during May : ABC purchased flight tickets for SR paying cash. The flights are scheduled for November Flyair has a fleet of vehicles worth SR The average useful life for those vehicles is years with salvage value of SR Flyair uses straightline depreciation method. ABCas a governmental institution, it credits employees salaries on the th of each month. Due to some system failure in May, salaries payment was postponed to June rd Total salaries due is SR During May Flyair had a balance of SR for cargo services provided to ABC but not yet billed to them. Required: prepare adjusting entries for both Flyair and ABC whenever applicable for the month of May
Flyair a local air carrier and ABC an eccanimics institution, both companies exchange services with one another all the time. Both companies prepare their financial reports on monthly basis and were engaged in the following transactions during May :
ABC purchased flight tickets for SR paying cash. The flights are scheduled for November
Flyair has a fleet of vehicles worth SR The average useful life for those vehicles is years with salvage value of SR Flyair uses straightline depreciation method.
ABCas a governmental institution, it credits employees salaries on the th of each month. Due to some system failure in May, salaries payment was postponed to June rd Total salaries due is SR
During May Flyair had a balance of SR for cargo services provided to ABC but not yet billed to them.
Required: prepare adjusting entries for both Flyair and ABC whenever applicable for the month of May
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