Use This Information Pertaining to Tucson Company to Answer the Following

question 128

Multiple Choice

Use this information pertaining to Tucson Company to answer the following question. 1.The corporation's Supplies account showed a beginning debit balance of $400 and supplies purchased of $1,600.There were $600 of supplies on hand at year end.
2) Depreciation on a building is estimated to be $10,000.
3) A one-year insurance policy was purchased for $4,000.Six months have passed since the purchase.
4) Accrued interest on a note receivable amounted to $200.
5) The company received a $3,600 advance payment during the year on services to be performed.By the end of the year,one-third of the services had been performed.
The adjusting entry to record the amount of service revenue earned during the accounting period is

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Definitions:

Availability Limitations

Restrictions or constraints on the availability of resources, services, or products, often based on time, capacity, or legal conditions.

Altercations

Heated or angry disputes or arguments.

Employees

Individuals who work for a business or organization and are often subject to the control and direction of the employer in terms of how their work is done.

Actions Against Business

Legal steps or proceedings taken to seek remedy or enforce rights against a business entity, often involving disputes over contracts, liabilities, or regulations.