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Flypeople a local air carrier and SEU an educational institution, both are Saudi companies which exchange services with one another all the time. Both companies

Flypeople a local air carrier and SEU an educational institution, both are Saudi companies which 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 2024:
SEU purchased 2 flight tickets for SR2,400 paying cash. The flights are scheduled for November 2024.
Flypeople has a fleet of vehicles worth SR11,900,000. The average useful life for those vehicles is 11 years with salvage value of SR125,000. Flypeople uses straight-line depreciation method.
SEU as a governmental institution, it credits employees salaries on the 27th of each month. Due to some system failure in May, salaries payment was postponed to June 3rd. Total salaries due is SR13,000,000.
During May Flypeople had a balance of SR9,500 for cargo services provided to SEU but not yet billed to them.
Required: prepare adjusting entries for both Flypeople and SEU whenever applicable for the month of May 2024

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