A business hired a repairman to overhaul their plumbing system. The repairman began working on September 15 and will finish the work on October 15. The business will pay him $4,000 when the work is 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. Please provide that adjusting entry.
Definitions:
Goodwill Impairment
An accounting charge that occurs when the market value of goodwill is less than its recorded value on the balance sheet.
Plant and Equipment
Long-term tangible assets used in the operations of a business to produce goods and services, such as machinery, buildings, and vehicles.
Exchange Gain/Loss
The gain or loss resulting from changes in exchange rates affecting foreign currency transactions.
Exchange Rates
A measurement of the value of one currency expressed in terms of another currency.
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