ABC company has the following scenarios: 1. The company has rental contract to pay monthly rent...

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ABC company has the following scenarios: 1. The company has rental contract to pay monthly rent amount of 2500 RM. The rent for December 2015 was only settled in January 2016. The unadjusted balance for the paid rent during the year is RM 27500 2. The company pays sales commission of 5% on sales to its sales staff. In 2015 the sales amount was RM 1,500,000 but only RM 70,000 in commission was paid. 3. At 1st of July 2015 the company paid RM 12,000 for an annual subscription to a business executive club. 4. The company earns commission for sales done on their website. The company earned RM 250 for the December month but will not receive it till January next year. Requirements: Prepare the necessary journal and ledger posting for the above adjustments. ABC company has the following scenarios: 1. The company has rental contract to pay monthly rent amount of 2500 RM. The rent for December 2015 was only settled in January 2016. The unadjusted balance for the paid rent during the year is RM 27500 2. The company pays sales commission of 5% on sales to its sales staff. In 2015 the sales amount was RM 1,500,000 but only RM 70,000 in commission was paid. 3. At 1st of July 2015 the company paid RM 12,000 for an annual subscription to a business executive club. 4. The company earns commission for sales done on their website. The company earned RM 250 for the December month but will not receive it till January next year. Requirements: Prepare the necessary journal and ledger posting for the above adjustments.

Answer rating: 100% (QA)

To prepare the necessary journal entries and ledger postings for the adjustments mentioned we will c... View the full answer