A. Business receives $3,200 on Jan 1 for 10-month service contract for the period Jan 1 through Oct 31 B. total salaries for all employees is $3,600 per month. employees are paid on the 1st and 15th of the month C. Work performed but not yet billed to customers for the month is $1,600 D. the company pays interest on its $16,000, 4% note payable of $53 on the first day of each month Assue the company records adjusting enteries monthly. journalize the adjusting entries needed as of Jan 31
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
A. Business receives $3,200 on Jan 1 for 10-month service contract for the period Jan 1 through Oct 31
B. total salaries for all employees is $3,600 per month. employees are paid on the 1st and 15th of the month
C. Work performed but not yet billed to customers for the month is $1,600
D. the company pays interest on its $16,000, 4% note payable of $53 on the first day of each month
Assue the company records adjusting enteries monthly. journalize the
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