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Infinity Contracting uses the accrual basis of accounting. The company's fiscal year end is May 31. The company adjusts accounts annually. Required: Using the information
Infinity Contracting uses the accrual basis of accounting. The company's fiscal year end is May 31. The company adjusts accounts annually. Required: Using the information provided below, prepare journal entries to: (a) Record the original transactions (b) Record the necessary year-end (May 31, 2019) adjustments . (c) Record the June 8, 2019 payment of employee salaries Explanations for journal entries are not required. All journal entries should be written in whole dollars (i.e: no decimals / cents shown), so you must round to the nearest whole dollar. (Example: $268.12 and $267.85 would be rounded to $268) Question 14 (4 points) Saved On Apr 30, 2019, the company paid $2,700 cash for a one-year insurance policy DSCFormat BIU (a) XEBE EQ & ha Question 15 (4 points) Saved Received a $6.000 payment on March 31, 2019 for services to be performed in May 2019 and June 2019. At May 31, 2019, 65% of the services had been completed. D oc - Format B IV - Ea Question 16 (4 points) Saved On Feb 1, 2019, the company purchased a building costing $110,000 and paid with cash. Estimated useful life is 20 years. The company uses the straight-line method D oo - Format BIU
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