Number 5

Name some users of accounting information. What is the role of accounting in business? Why are most large companies like Microsoft, PepsiCo, Caterpillar, and AutoZone organized as corporations? Josh Reilly is the owner of Dispatch Delivery Service. Recently Josh paid interest of $4, 500 on a personal loan of $75,000 that he used to begin the business. Should Dispatch Delivery Service record the interest payment? Explain. On July 12, Reliable Repair Service extended an offer of $150,000 for land that had been priced for sale at $185,000. On September 3, Reliable Repair Service accepted the seller's counteroffer of $ 167, 500. Describe how Reliable Repair Service should record the land