Liquidity problems at Illiquid ltd forced the company to postpone salary payments and agreed with...
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Accounting
Liquidity problems at Illiquid ltd forced the company to postpone salary payments and agreed with its employees to pay their monthly salary on the 15th of the following month - in case the 15th is a holiday, payment is effected on the next working day.
On February 15, Illiquid pays 8,600 to its employees for their services performed in January. Since company is preparing monthly financial statements, it has to record an adjusting entry on January 31.
Match the accounts and the correct amounts with the correct debit and credit entries on January 31 and February 15 respectively
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