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On January 13, 2018 Astra Ltd is preparing to close its financial statements for the year 2017. At that dateis has calculated the following accruals
On January 13, 2018 Astra Ltd is preparing to close its financial statements for the year 2017. At that dateis has calculated the following accruals for 2017:Electricity for December 2017 $2,000Water for December $650Audit fees for the year 2017 $5,500On March 13 2018, it has paid the above expenses in full, however audit fees actually paid were $5,000 since the auditors decided to give a discount to the company.Required:Prepare the journal entries for 2017 and 2018 taking into account the above
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