On December 31, the adjusted trial balance of Employment Agency shows the following selected data. Accounts Receivable $23,200 Service Revenue $92,500
Interest Expense 7,400 Interest Payable 1,200
Analysis shows that adjusting entries were made to (1) accrue $6,900 of service revenue and (2) accrue $1,200 interest expense.
(a) Prepare the closing entries for the temporary accounts shown above at December 31.
Debit Credit
Service Revenue 92500
Income Summary 92500
(To close the revenue account.)
Income Summary 7400
Interest Expense 7400
(To close the expense account.)
(b) Prepare the reversing entries on January 1.
(To reverse the accrued service revenue.)
(To reverse the accrued interest expense.)

Xyz corporation has provided the following data concerning manufacturing overhead for july: actual manufacturing overhead incurred $ 69,000 manufacturing overhead applied to work in process $ 79,000 the company's cost of goods sold was $243,000 prior to closing out its manufacturing overhead account. the company closes out its manufacturing overhead account to cost of goods sold. which of the following statements is true? multiple choice manufacturing overhead was overapplied by $10,000; cost of goods sold after closing out the manufacturing overhead account is $253,000 manufacturing overhead was underapplied by $10,000; cost of goods sold after closing out the manufacturing overhead account is $233,000 manufacturing overhead was underapplied by $10,000; cost of goods sold after closing out the manufacturing overhead account is $253,000 manufacturing overhead was overapplied by $10,000; cost of goods sold after closing out the manufacturing overhead account is $233,000

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This exercise illustrates that poor quality can affect schedules and costs. a manufacturing process has 130 customer orders to fill. each order requires one component part that is purchased from a supplier. however, typically, 3% of the components are identified as defective, and the components can be assumed to be independent. (a) if the manufacturer stocks 130 components, what is the probability that the 130 orders can be filled without reordering components? (b) if the manufacturer stocks 132 components, what is the probability that the 130 orders can be filled without reordering components? (c) if the manufacturer stocks 135 components, what is the probability that the 130 orders can be filled without reordering components?