Blindleia Care Corporation had the following selected transactions in September: 1. Collected $200 cash from customers for
Question:
Blindleia Care Corporation had the following selected transactions in September:
1. Collected $200 cash from customers for services provided in August.
2. Collected $500 cash from customers for services provided in September.
3. Billed customers $600 for services provided in September.
4. Provided $100 services to customers who paid in advance in August.
5. Received $100 from customers in advance for services to be provided in October.
(a) Calculate revenue for the month of September using the accrual basis of accounting.
(b) Calculate revenue for the month of September using the cash basis of accounting.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Step by Step Answer:
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine