Question: Activity 1 . c - Identifying Differences between Cash and Accrual Basis Read each scenario, decide whether the company is using Cash basis or Accrual

Activity

1 .

-

Identifying Differences between Cash and Accrual Basis

Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question.

The Blue Nile Law Firm prepays for advertising in the local newspaper. On January

1,

the law firm paid $

550

for six months of advertising. Blue Nile Law Firm recorded $

550

in the Prepaid Advertising account.

If Blue Nile Law Firm had recorded their expenses using the other method, how much advertising expense would they have recorded for the two months ending February

28 ?

Enter this value as a positive number.

Safe Home provides house

-

sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. As of the end of the year, Safe Home has collected $

3, 240

from cashpaying customers. Safe Home's remaining customers owe the business $

1, 880 .

Safe Home recorded $

3, 240

of service revenue for the year.

If Safe Home had recorded their service revenue using the other method, how much service revenue would they have recorded for the year?

Activity 1.c - Identifying Differences between Cash and Accrual Basis Read

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