During the month of December Lilac Corp received Electrical Services of $10,000 from Wisteria Electrical. The invoice has not been received and the expense has not been recorded as of December 31st.

Prepare the appropriate journal entry for December 31st.

2. During the last week of August the Employees of Daisy Inc. earned $50,000 in salaries. These salaries will be paid with the first payroll in September. Required: Prepare the appropriate journal entry for August 31st.

3. On October 1st, Iris Corp. signed a five month lease and paid $2,000 in cash. The term of the lease is five months beginning on October 1st.