Revenue and Expense Recognition

Security Specialists performs security services for local businesses. During the year, Security Specialists performed $$839,700$ of security services and collected $$930,000$ cash from customers. Security Specialist's employees earned salaries of $$43,700$ per month. Security Services paid salaries of $$495,000$ cash for work performed. At the beginning of the year, there were $$3,000$ of supplies on hand. Supplies of $$80,000$ were purchased during the year, and $$11,000$ of supplies were on hand at the end of the year. Other general and administrative expenses incurred during the year were $$30,200.$

Required:

Calculate revenue and expenses for the year using the accrual method.

Revenue

Expenses