You check to make sure that all the revenue recorded in January was earned during the month. You ask Sally about the Butter and Beans installation work. She says that she has completed about half the work (20 of the 40 hours billed on INV-1009 for $3,000). You also take a look at INV-1011 to Albus Software. The workshop will be held in mid-February. TIP: Consider whether you need to create a new account here. Choose an account number that fits with the account numbering scheme (assets are 100s; liabilities are 200s; revenues are 400s; expenses are 600s). Sally's last payment to Dell Finance was 12/31/23. That payment included interest through 12/31. The next payment of $150 is due on February 1. The annual interest rate (simple interest) on the loan is 5%. The unpaid balance on the note is $3,000. TIP: Think about what that February 1st payment will cover. Does any of the amount relate to January activity? You may need to create a new account.

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1 Checking Revenue in January Review all revenue transactions recorded in January to ensure they wer... View the full answer