Grantham Landscaping
Please provide the proper journal entries for the two different types of accruals for Grantham Landscaping LLC. Please use accrual base accounting.
Transaction#1: Grantham Landscaping Co. usually receives a monthly phone bill for $200, in which a check is issued for immediately. However, for this month end, the bill never came.
Transaction#2: Grantham Landscaping Co. The next month has opened up since the period which Transaction # 1 occurred. The bill has now been received and a check will be issued immediately. What is the proper treatment for the accrual journal entry which occurred last month.