Flypeople a local air carrier and SEU an educational institution, both are Saudi companies which...
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Flypeople a local air carrier and SEU an educational institution, both are Saudi companies which exchange services with one another all the time. Both companies prepare their financial reports on monthly basis and were engaged in the following transactions during May : SEU purchased flight tickets for SR paying cash. The flights are scheduled for November Flypeople has a fleet of vehicles worth SR The average useful life for those vehicles is years with salvage value of SR Flypeople uses straightline depreciation method. SEU as a governmental institution, it credits employees salaries on the th of each month. Due to some system failure in May, salaries payment was postponed to June rd Total salaries due is SR During May Flypeople had a balance of SR for cargo services provided to SEU but not yet billed to them. Required: prepare adjusting entries for both Flypeople and SEU whenever applicable for the month of May
Flypeople a local air carrier and SEU an educational institution, both are Saudi companies which exchange services with one another all the time. Both companies prepare their financial reports on monthly basis and were engaged in the following transactions during May :
SEU purchased flight tickets for SR paying cash. The flights are scheduled for November
Flypeople has a fleet of vehicles worth SR The average useful life for those vehicles is years with salvage value of SR Flypeople uses straightline depreciation method.
SEU as a governmental institution, it credits employees salaries on the th of each month. Due to some system failure in May, salaries payment was postponed to June rd Total salaries due is SR
During May Flypeople had a balance of SR for cargo services provided to SEU but not yet billed to them.
Required: prepare adjusting entries for both Flypeople and SEU whenever applicable for the month of May
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