A Business Hired a Repairman to Overhaul Their Plumbing System $$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline \\\hline\end{array}$$

question 36

Essay

A business hired a repairman to overhaul their plumbing system.The repairman began working on September 15 and finished the work on October 15.The business agreed to pay him $4,000 when the work was completed.As of September 30,the work was 50% complete,and the business made an adjusting entry to accrue repair expense as of the end of September.On October 15,the job was done and the business paid the repairman in full.Please provide the journal entry for the cash payment on October 15.
$$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline \\\hline\end{array}$$

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Definitions:

Marginal Social Benefit

The extra advantage to society that comes from using an additional unit of a product or service.

Marginal Social Cost

The total cost to society of producing one additional unit of a good, including both private costs and externalities.

Pollution

The presence in or introduction into the environment of substances or things that have harmful or poisonous effects.

Marginal Social Benefit

The supplementary gain for the general population derived from the consumption of one more unit of a good or service.