Question
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual basis acc cash-basis accounting in the current period. Accrual-Basis Cash-Basis Revenue Expense Revenue Expense Transaction 1. Receive cash from customers in advance, $430. 2. Pay utilities bill for the previous month, $65. 3. Pay for insurance one year in advance, $1,150. 4. Pay workers' salaries for the current month, $630 5. Incur costs for employee salaries in the current month but do not pay $830, 6. Receive cash from customers at the time of service, $2.050. 7. Purchase office supplies on account, $160. 8. Borrow cash from the bank, $2,300. 9. Receive cash from customers for services performed last month, $580. 10. Pay for advertising to appear in the current month, $280.
Answers
The revenue or expenses are as follows:
Accrual Basis Cash Basis Revenue Expenses Revenue Expenses 1. Receive cash from customers in advance, $430 $430 2. Pay utilities bill for the previous month,$65 $65 3. Pay for insurance one year in advance,$1,150 $1,150 4. Pay workers' salaries for the current month $630 $630 5. Incur costs for employee salaries in the current month but do not pay $830 $830 6. Receive cash from customers at the time of service, $2,050 $2,050 $2,050 7. Purchase office supplies on account, $160 N/A N/A N/A N/A 8. Borrow cash from the bank,$2,300 N/A N/A N/A N/A 9 Receive cash from customers for services performed last month, $580 $580 10. Pay for advertising to appear in the current month,$280 $280 $280
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