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.

Understand the significance of an agent’s authority and the effects of actions within and beyond this scope.

Learn about the duties of loyalty, notification, obedience, and performance in agency relationships.

Know the legal remedies and liabilities when either the agent or principal fails to fulfill their obligations.

Comprehend the importance of written agreements in clarifying the agency relationship and duties involved.

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Definitions:

Modernity

A term referring to the period marked by the move from feudalism towards capitalism, industrialization, secularization, and the nation-state; represents the societal conditions and mindset resulting from these changes.

Capitalism

An economic system characterized by private or corporate ownership of capital goods, by investments determined by private decision, and by prices, production, and the distribution of goods determined primarily by competition in a free market.

Organic Solidarity

A type of social cohesion that arises when individuals in a society are interdependent but hold to varying tasks and responsibilities, characteristic of complex, industrial societies.

Collective Conscious

A shared set of beliefs, morals, and attitudes that operate as a unifying force within society; sometimes spelled as "collective conscience."