A business hired a repair service to overhaul its plumbing system. The repair service began work on September 15 and intends to complete it on October 15. The business will pay the repair service $4,000 when the work is completed
As of September 30, the work was 50% complete. Provide the adjusting entry to accrue repair expense by the end of September. (Ignore explanation).
What will be an ideal response
Repair Expense 2,000
Accounts Payable 2,000
Business
You might also like to view...
Which of the following will be listed in the operating section of the statement of cash flows that is prepared using the indirect method?
A) collections from customers B) payments to suppliers C) interest received D) increases/decreases in current liabilities
Business
If Burger King's advertising manager decides to match McDonald's dollar-for-dollar in advertising expenditures, which type of advertising budget is being used?
A) objective and task B) meet the competition C) what we can afford D) the percentage of share method
Business