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 no entry is required, select "No debit" or "No credit" in the account fields.) Account Contract labor expense Accounts payable Debit 0 0 Credit 0x 120 x

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 no
entry is required, select "No debit" or "No credit" in the account fields.)
Account
Contract labor expense
Accounts payable
Debit
0
0
Credit
0x
120 x
Transcribed Image Text: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 no entry is required, select "No debit" or "No credit" in the account fields.) Account Contract labor expense Accounts payable Debit 0 0 Credit 0x 120 x
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