Presented Below Are the Trial Balance and Adjusted Trial Balance

question 77

Essay

Presented below are the trial balance and adjusted trial balance for Lankford Company on December 31. Instructions
Prepare in journal form, with explanations, the adjusting entries that explain the changes in the balances from the trial balance to the adjusted trial balance.

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Definitions:

Salesmen's Salaries

The compensation provided to sales professionals, usually comprising a base salary and potentially including commissions or bonuses tied to performance.

Office Space

Refers to the premises where commercial and administrative work is conducted, often leased or bought by businesses.

Employees

Individuals hired by a business or organization to perform specific duties in exchange for compensation.

Rent

A periodic fee paid for the use of property or land.