On July 16, Year 1, Southeastern University hired an associate professor for its Math Department at an annual (12- month) salary of $105,000. The salary is effective for its new school year, which commences August 16, and is payable in four quarterly calendar installments. Assuming that the university records journal entries on a monthly basis, what is the adjusting journal entry (if any) for August 31, Year 1?

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Answer To determine the adjusting journal entry for August 31 Year 1 we need to account for th... View the full answer