Answer:
The price should be recorded as $167,500
Explanation:
As per the accounting principles, assets should be recorded at the price they were paid for. In case of a purchase, the accountant should record in the books the amount the company paid to acquire the asset. For sales, the amount received from the buyer is the figure to be recorded in the books.
For Reliable Repair Service, there were different prices quoted, but the buyer paid $167,500. It means the company sold the land for $165,000. This is the amount that should be recorded in the books.
Answer:
In-depth interview
Explanation:
Nadira is conducting a type of qualitative data collection called in-depth interview. In research methodology, in-depth interview is conducted by seeking information face to face from respondents. In some cases, it is done over call or mails for geographically dispersed population.
In case of face to face interview, questions can be asked based on the response from the audience, thereby obtaining in-depth information from them.
Explanation:
The journal entries are as follows
On December 31
1. Interest expense A/c Dr $380
To Interest payable A/c $380
(Being the interest expense is recorded)
2. Account receivable A/c Dr $1,820
To Service revenue A/c $1,820
(Being the unbilled amount is recorded)
3. Salaries expense A/c Dr $750
To Salaries payable A/c $750
(Being the salaries expense is recorded)
