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McDonald's Corporation has reported the following transactions in December 2023: sales $2,400,000, purchases $1,400,000, salaries expense $320,000, rent expense $100,000, and utilities expense $48,000. Prepare
- McDonald's Corporation has reported the following transactions in December 2023: sales $2,400,000, purchases $1,400,000, salaries expense $320,000, rent expense $100,000, and utilities expense $48,000. Prepare the necessary journal entries, post them to the ledger, and construct an income statement for the month. Discuss any potential issues with the accuracy of revenue and expense recognition.
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