Business, 04.08.2021 03:40 anonymous1813

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.)

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 20:50

Last year, western corporation had sales of $5 million, cost of goods sold of $3 million, operating expenses of $175,000 and depreciation of $125,000. the firm received $40,000 in dividend income and paid $200,000 in interest on loans. also, western sold stock during the year, receiving a $40,000 gain on stock owned 6 years, but losing $60,000 on stock owned 4 years. what is the firm's tax liability?

Answers: 2

Answer

Business, 22.06.2019 09:50

Is exploiting a distinctive competence or improving efficiency for competitive advantage. (a) cooptation (b) coalition (c) competitive intelligence (d) competitive aggression (e) smoothing

Answers: 1

Answer

Business, 22.06.2019 10:50

You are evaluating two different silicon wafer milling machines. the techron i costs $285,000, has a three-year life, and has pretax operating costs of $78,000 per year. the techron ii costs $495,000, has a five-year life, and has pretax operating costs of $45,000 per year. for both milling machines, use straight-line depreciation to zero over the project’s life and assume a salvage value of $55,000. if your tax rate is 24 percent and your discount rate is 11 percent, compute the eac for both machines.

Answers: 3

Answer

Business, 22.06.2019 11:30

You've arrived at the pecan shellers conference—your first networking opportunity. naturally, you're feeling nervous, but to avoid seeming insecure or uncertain, you've decided to a. speak a little louder than you would normally. b. talk on your cell phone as you walk around. c. hold an empowered image of yourself in your mind. d. square your shoulders before entering the room.

Answers: 2

Answer

You know the right answer?

On December 31, the adjusted trial balance of Employment Agency shows the following selected data....

Questions

Business, 03.02.2021 04:30

Economy is a group of persons using resources or things that are arranged in a certain way to carry out specific activities in order to achieve a goal...