D21. McGraw-Hill Connect - Spring 20 x Question 1 - Ch 3: Homework - ( X + X -> https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A. A G g Ch 3: Homework i Saved Help Save & Exit Submit Check my work QS 3-2 Computing accrual and cash income LO C1 2.77 In its first year of operations, Roma Company reports the following. points . Earned revenues of $60,000 ($52,000 cash received from customers). eBook Incurred expenses of $33,000 ($25,500 cash paid toward them). . Prepaid $10,500 cash for costs that will not be expensed until next year. Hint Print Compute the company's first-year net income under both the cash basis and the accrual basis of accounting. References Cash Basis Accrual Basis Revenues $ 52,000 $ 60,000 Expenses 33,000 Net income Mc Graw Hill Type here to search O 8: E W P X 6:33 PM 4/2/2022D21 McGraw-Hill Connect - Spring 20 x Question 2 - Ch 3: Homework - ( X + X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A. A G g Ch 3: Homework i Saved Help Save & Exit Submit Check my work 2 Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. 2.77 points Skipped c. Prepaid Rent. On September 1 of the current year, the company prepaid $37,200 for two years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $37,200. eBook Prepaid Rent Hint Step 1: Determine what the current account balance equals. Print Step 2: Determine what the current account balance should equal. References Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Mc Graw Type here to search O 6:36 PM 2 E W P X 4/2/2022D21 McGraw-Hill Connect - Spring 20 X Question 3 - Ch 3: Homework - ( X + X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A. A G g Ch 3: Homework i Saved Help Save & Exit Submit Check my work 3 View transaction list Journal entry worksheet 2.77 points 2 V Skipped Record year-end adjusting entry to reflect expiration of the insurance as of December 31. eBook Hint Note: Enter debits before credits. Print Transaction General Journal Debit Credit References a Record entry Clear entry View general journal Mc Graw Hill Type here to search O E W P X 6:37 PM 4/2/2022D21 McGraw-Hill Connect - Spring 20 X Question 3 - Ch 3: Homework - ( X + X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A. A G g Ch 3: Homework i Saved Help Save & Exit Submit Check my work 3 View transaction list Journal entry worksheet 2.77 points Hill Type here to search O E W P X 6:37 PM 4/2/2022