Pre-Built Assignment Saved Help Revenues are normally recognized when a company transfers promised goods or services to customers in the amount the company expects to be entitled to receive. Expense recognition is guided by an attempt to match the costs associated with the generation of those revenues to the same time period. Assume that the following transactions occurred in January: a. McGraw-Hill Education uses $2,767 worth of electricity and natural gas in its headquarters building for which it has not yet been billed. b. At the beginning of January, Turner Construction Company pays $988 for magazine advertising to run in monthly publications each of the first three months of the year. c.Dell pays its computer service technicians $382,500 in salaries for the two weeks ended January 7. Answer from Dells d. The University of Florida orders 64,000 football tickets from its printer and pays $7,810 in advance for the custom printing. The e. The campus bookstore receives 730 accounting texts at a cost of $90 each. The terms indicate that payment is due within 30 days of delivery. 1. During the last week of January, the campus bookstore sold 500 accounting texts received in (e) at a sales price of $130 each 9. Fucillo Automotive Group pays its salespersons $15,100 in commissions related to December automobile sales. Answer from n. On January 31, Fucillo Automotive Group determines that it will pay its salespersons $66,540 in commissions related to January 1. A new grill is received and installed at a Wendy's restaurant at the end of the day on January 31; a $12,950 cash payment is made on that day to the grill supply company, Answer from Wendy's standpoint J. Mall of America in Bloomington, MN) had janitorial supplies costing $5,400 in storage. An additional $2,800 worth of suppiles was purchased during January. At the end of January, $1.540 worth of janitorial supplies remained in storage. k. An lowa State University employee works eight hours, at $19 per hour on January 31; however, payday is not until February 3. Answer from the university's point of view. Wang Company paid $3,600 for a fire insurance policy on January 1. The polley covers 12 months beginning on January 1 Answer from Wong's point of view. m.Derek Incorporated has its delivery van repaired in January for $580 and charges the amount on account. n. Hass Company, a form equipment company receive its phone bill at the end of January for $292 for January calls. The bal has o. Martin Company receives and pays in January a 51.285 invoice (bilt) from a consulting firm for services received in January Answer from Martin's standpoint. p. Parillo's Taxi Company pays a $665 invoice from a consulting firm for services received and recorded in December GPVH Corp., manufacturer of IZOD, ARROW. Van Heusen, Calvin Klein, and Tommy Hilfiger apparel among other brands, completos production of 1200 men's shirts ordered by Macys department stores at a cost of $50 each and delivers the order in January. Answer from PVH Corps standpoint Required: For each of the transactions. If an expansin 3 Pre-Built Assignment Seved Arswer trommarens standpoint p. Parillo's Taxi Company pays a $665 Invoice from a consulting firm for services received and recorded in December 9. PVH Corp, manufacturer of IZOD. ARROW, Van Heusen, Calvin Klein, and Tommy Hilfiger apparel among other brands, completes production of 1.200 men's shirts ordered by Macy's department stores at a cost of $50 each and delivers the on January. Answer from PVH Corp.'s standpoint Required: For each of the transactions. If an expense is to be recognized in January, indicate the expense account title and the amount (I expense is not recognized choose "None") Expans Account Affected Amount of Expens incurred in January b d 1 9 1 11