J, K, L
J, K, L
All the transactions are presented in the given format but since, you specifically asked for j, k, l, here is the explanation:
j – The wages for the employees for the last two weeks of the month will be recognized during the first week of next month, since the transaction relates to the current it will be recorded as accounts payable and will be reflected as expense for the current month.
k – Gasoline, oil and trash bags still on hand $150 represents that $850 worth of gasoline, oil and trash bags are used during the month and will be reflected as current months expense.
l – Customer paid $750 dues from transaction in f. will increase the cash balance and decrease the balance of accounts receivable and since it has already been recognized as revenue in transaction f. revenues will not change.
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