1 answer

Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded...

Question:

Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual basis acc
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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