On December 31, the adjusted trial balance of Pronghorn 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.
Instructions
a. Prepare the closing entries for the temporary accounts shows above at December 31.
b. Prepare the reversing entries on January 1.
c. Post the entries in (a) and (b). Underline and balance the accounts. (Use T-Accounts)
d. Prepare the entries to record (1) the collection of the accrued revenue on January 10 and (2) the payment of all interest due ($3,000) on January 15.
e. Post the entries in (d) to the temporary accounts.

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whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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