Exercise 3-3 (Algo) Determining when to recognize expenses L For each of the following separate situations, determine the amount of expense e accrual basis accounting). a. Chipotle has monthly wages expense of $4,000 that has been incurred but r b. United Airlines purchases a 24-month insurance policy for $60,000 on Dece c. On December 15, Pfizer prepays $28,000 for hotel rooms for its annual sales Situations a. Wages expense incurred but not paid b. Purchases a 24-month insurance policy c. Prepays for hotel rooms for its annual sales meeting Expenses

Exercise 3-3 (Algo) Determining when to recognize expenses L For each of the following separate situations, determine the amount of expense accrual basis accounting). a. Chipotle has monthly wages expense of $4,000 that has been incurred but b. United Airlines purchases a 24 -month insurance policy for $60,000 on Dece c. On December 15 , Pfizer prepays $28,000 for hotel rooms for its annual sales