Journalize the Following Utility Transactions in the Quest County Enterprise

question 48

Essay

Journalize the following utility transactions in the Quest County Enterprise Fund:
1.Billings to external customers $1,600,000; billings to Quest County governmental funds $130,000.
2.Collected refundable deposits from new customers $10,000.
3.Collected 95% of all billings by fiscal year-end.
4.Refunded $4,000 in deposits to former customers.
5.Unbilled services to outside customers at year-end $14,000.

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Definitions:

Trade Permits

Licenses or permissions required by governments for businesses to engage in certain trade activities, often used to control the volume or nature of traded goods and services.

Trade Permits

Authorizations given by government or other regulatory bodies allowing businesses to engage in foreign trade activities.

Pollution Reduction

Actions or initiatives undertaken to decrease the amount of pollutants released into the environment.

MC Of Reducing

The marginal cost associated with reducing an output or activity, usually referring to cutting down on production or operational processes.