Question

Indicate which of the following events would result in recognizing expenses for the year in which the described event takes place; give the journal entry. (Take the T-shirt company’s point of view.)
1. T-Shirts Plus, Inc., paid employees $6,000 for work performed during the prior year.
2. T-Shirts Plus, Inc., purchased 15,000 T-shirts for its inventory for $30,000 on account.
3. T-Shirts Plus, Inc., paid the factory cash for the 15,000 shirts purchased.



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  • CreatedSeptember 01, 2014
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