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On January 13, 2018 Astra Ltd is preparing to close its financial statements for the...

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Accounting

On January 13, 2018 Astra Ltd is preparing to close its financial statements for the year 2017.

At that date is has calculated the following accruals for 2017:

Electricity for December 2017 $2,000

Water for December $650

Audit fees for the year 2017 $5,500

On March 13 2018, it has paid the above expenses in full, however audit fees actually paid were $5,000 since the auditors decided to give a discount to the company.

Required:

Prepare the journal entries for 2017 and 2018 taking into account the above.

(10 marks)

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