Alex is an independent contractor and performed 3 hours of work for you that you will bill to your customer at a rate of $40 per hour.Alex's rate is $25 per hour. When you entered the bill you received from Alex for his time, what is the journal entry that is recorded? (If noentry is required, select "No debit" or "No credit" in the account fields.)AccountContract labor expenseAccounts payableDebit00Credit0x120 x

The objective of this question is to understand how to record a journal entry for the payment of…

Answered: Alex is an independent contractor and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Alex is an independent contractor and performed 3 hours of work for you that you will bill to your customer. Alex's rate is $25 per hour. When you entered the bill you received from Alex for his time,what is the journal entry that is recorded?
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