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pav-90 [236]
3 years ago
7

The bookkeeper for Blossom Company asks you to prepare the following accrual adjusting entries at December 31. (If no entry is r

equired, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) (a) Interest on notes payable of $410 is accrued. (b) Services performed but unbilled totals $1,790. (c) Salaries of $750 earned by employees have not been recorded.
Business
1 answer:
Alchen [17]3 years ago
7 0

Answer:

The adjusting entries are given below

Explanation:

Adjusting Entries  

Dec 31 (Accrued Interest)               Debit         Credit

Interest expense                               $410  

Interest payable                                                    $410

Dec 31 (Service Revenue)               Debit         Credit

Account receivable                            $1,790

Service revenue                                                    $1,790

Dec 31 (Salary expense)                Debit         Credit

Salary expense                                $750

Salary payable                                                     $750

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First, I asked myself without whom this company cannot exist. The answer is obvious: without Affected people such as households, families, and individuals. These people have an extremely high interest in receiving the supply of piped water, as well as in everything that is connected with improving the quality of this service. These people should be catered well; if the quality of the service is bad (e.g., the water is dirty, there is no water during some long periods of time, the fee is too high, etc.) – affected people might do several things, from applying to the court (and, actually, winning the case) to moving in order to change the water utility company.

The other two key stakeholders are the Government and Owners. The government is interested in improving water supply and sanitation services and is responsible for setting taxes, providing opportunities and guidance. The Government sets laws, taxes, and rules – every company must obey them and if it doesn’t, it will lose a lot of money and, probably, won’t exist for a long period of time. The water utility company plays a serious role in the daily life of hundreds and thousands of citizens, and in some cases when something goes wrong the Government can directly regulate how this company works to make sure that affected people are satisfied.

3 0
3 years ago
In 2019, BayKing Company sold used equipment for $17,000. The equipment had an original cost of $80,000 and accumulated deprecia
miv72 [106K]

Answer:

$73,000

Explanation:

Equipment net book value (NBV) = $80,000 - $60,000 = $20,000

Loss on sale of equipment = NBV - Sales proceed = $20,000 - $17,000 = $3,000

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7 0
3 years ago
What economies are driven by supply and demand?
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3 0
4 years ago
The annual demand for a product has been projected at 2,000 units. This demand is assumed to be constant throughout the year. Th
Mumz [18]

Answer:

The company should order 100 units to minimize total inventory cost.

Explanation:

Given,

Annual Demand, D = 2,000 units

Order cost, S = $20

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Holding cost = $40 × 20%

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We know, the company should order the highest number of products with a minimum cost, and for that, the company uses economic order quantity. Hence,

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8 0
3 years ago
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vova2212 [387]

Answer:

Explanation:

a.)

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b.) This is an <em>Annuity Due </em>type of question since the recurring monthly payment occur at the beginning of the month.

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5 0
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