During January, Mary Dolan, a contractor, provided pet care services to Angel's Kuno for three Fridays...

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During January, Mary Dolan, a contractor, provided pet care services to Angel's Kuno for three Fridays in January, totaling 24 hours @ $20 per hour. Cy overlooked recording this contractor expense since Mary had not been paid for these services yet. So at January 31, an adjusting entry is needed to record Contractors Expense that will be paid later. In the future, Cy is hoping that the QBO time tracking will assist in avoiding this type of oversight going forward. 1. Complete the following table. Account Account Type Increase or Decrease? Debit or Credit? Amount Contractors Expense Expense $ Accounts Payable (A/P) Liability 2. Plan Adjusting Journal Entry. a. Complete the following to plan the adjusting journal entry to enter in QBO $ LA During January, Mary Dolan, a contractor, provided pet care services to Angel's Kuno for three Fridays in January, totaling 24 hours @ $20 per hour. Cy overlooked recording this contractor expense since Mary had not been paid for these services yet. So at January 31, an adjusting entry is needed to record Contractors Expense that will be paid later. In the future, Cy is hoping that the QBO time tracking will assist in avoiding this type of oversight going forward. 1. Complete the following table. Account Account Type Increase or Decrease? Debit or Credit? Amount Contractors Expense Expense $ Accounts Payable (A/P) Liability 2. Plan Adjusting Journal Entry. a. Complete the following to plan the adjusting journal entry to enter in QBO $ LA

Answer rating: 100% (QA)

Contractors Expense is an Expense account Since expense is be... View the full answer