Show the amount of revenue and expense recognized for each of the following transactions for the month

Fantastic news! We've Found the answer you've been seeking!

Question:

Show the amount of revenue and expense recognized for each of the following transactions for the month of June 2016 under the cash basis and the accrual basis of accounting by completing the following table.

June 18 Invoiced $600 for a job completed for a customer.

June 23 Paid a $500 account for professional services from May 2018.

June 30 Accrued wages of $650.

Enter amounts without punctuation and symbols. If there is no impact enter 0.

Cash Basis

Date	Revenue	Expense
18/06/18	Answer	Answer
23/06/18	Answer	Answer
30/06/18	Answer	Answer

Accrual Basis

Date	Revenue	Expense
18/06/18	Answer	Answer
23/06/18	Answer	Answer
30/06/18	Answer	Answer

Related Book For answer-question

College Accounting A Practical Approach

ISBN: 978-0133133233

12th edition

Authors: Jeffrey Slater

See More Books

Posted Date: Nov 30, 2018 09:32 AM

See More Questions

If there is no seasonal effect on human births, we would expect equal numbers of children to be born in each season (winter, spring, summer, and fall). A student takes a census of her statistics...
If there is no comparative advantage between two countries: Select one: a. One country must be more productive in producing all goods than the other. b. The benefits resulting from trade are...
For each of the following transactions for Boston Co. (the seller), journalize what the entry would be for the buyer (Main Co.). Sold on account to Main Co. Note paid by Main Co. on duedate a....
Refer to the bolt strength problem 17.47. Assume = 6,050 and 5 100. Use the following 24 individual bolt strength observations to answer the questions posed. (a) Prepare a histogram and/or normal...
For which value(s) of the constant k does the system x - y = 3 2x - 2y = k
Bank A has the following balance sheet information (in millions): Rate-sensitive assets are repriced quarterly at the 91-day Treasury bill rate plus 150 basis points. Fixed-rate assets have five...
Air enters a $15-\mathrm{cm}$ pipe with velocity $120 \mathrm{~m} / \mathrm{s}, 1$ atmosphere pressure, and $T=100^{\circ} \mathrm{C}$. How much heat must be added to bring the air to the...
Profit margins and turnover ratios vary from one industry to another. What differences would you expect to find between a grocery chain such as Safeway and a steel company? Think particularly about...
A rigid container contains an ideal gas 40C which is stirred by a blade. The blade produces 200kJ of work. The temperature remains constant thanks to a heat exchange with the surroundings which are...
Provide the following for the following challenge exercise: a) Income Statement, Gross Margin Standard, year-to-date b) All Journal Entries c) Customer Aged Detail, all customers, with terms at Mar...
An alternative development of the Bohr theory begins by assuming that the stationary states are those for which the circumference of the orbit is an integral number of de Broglie wavelengths. (a)...
New tire retreading equipment, acquired at a cost of $906,250 on September 1 at the beginning of a fiscal year, has an estimated useful life of 5 years and an estimated residual value of $77,900. The...
Grove Audio is considering the introduction of a new model of wireless speakers with the following price and cost characteristics. Sales price $ 5 2 0 . 0 0 per unit Variable costs 2 8 0 . 0 0 per...
The senior accountant for Carlton Co., a public company with a complex capital structure, has just finished preparing Carltons income statement for the current fiscal year. While reviewing the income...
Suppose a gas is taken clockwise around a rectangular thermodynamics cycle. It goes from b , a , d , c and return to b . The following parameter are given: Q a to c = - 1 0 0 J , W a to c = - 6 0 J ,...
Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the next month s budget appear below: Selling price per unit $ 2 6 Variable expense per unit $ 1 3 Fixed...
1. Detail the guidelines for Planning Virtualisation Sizing. 2. List at least 5 host virtualisation software that you can use in a virtual environment? 3. What is the difference between a child and...
Troy is a qualified radiologist who operates a successful radiology practice from purpose- built rooms attached to his house. Troy works in the practice three days a week, and the other two days he...
What does the arithmetic operations "--, ++" do? They are used to decrement by 1 and increment by 1, respectively. They are used to increment by 1 and decrement by 1, respectively. They are used to...
From the following, calculate netsales: Purchases Gross Sales Sales Returns and $10 Sales Discount $21 48 176 Operating Expenses Allowances 18
Use the following adjustment data on December 31 to complete a partial worksheet (Figure) up to the adjusted trial balance. a. Fitness supplies on hand, $2,700. b. Depreciation taken on fitness...
Carol Co. traded in an old machine costing $22,000 for a new machine for a cash price of $18,000 with a trade-in allowance of $7,000. Accumulated Depreciation on the old machine was $14,000. a. What...
Suppose Starbucks is considering introducing a new low-calorie blended coffee drink called FrapZero. The firm believes that the drinks flavor and appeal to calorie-conscious drinkers will make it a...
By using the yield to maturity on AT&Ts debt, we found that its pretax cost of debt is 3.65%. If AT&Ts tax rate is 25%, what is its effective cost of debt?
You work in Walt Disney Companys corporate finance and treasury department and have been assigned to the team estimating Disneys WACC. You must estimate this WACC in preparation for a team meeting...

Show the amount of revenue and expense recognized for each of the following transactions for the month

Question:

Expert Answer:

Cash basis The cash basis is a method of recording accounting transactions ... View the full answer

College Accounting A Practical Approach

Students also viewed these accounting questions