Question: Total Spa Services earned $ 1 5 5 , 0 0 0 of service revenue during 2 0 2 4 . Of the $ 1

Total Spa Services earned $155,000 of service revenue during 2024. Of the $155,000 earned, the business received $137,000 in cash. The remaining amount, $18,000, was still owed by customers as of December 31. In addition, Total Spa Services incurred $72,000 of expenses during the year. As of December 31, $6,000 of the expenses still needed to be paid. In addition, Total Spa Services prepaid $3,000 cash in December 2024 for expenses incurred during the next year.
Determine the amount of service revenue and expenses for 2024 using a cash basis accounting system.
Determine the amount of service revenue and expenses for 2024 using an accrual basis accounting system.
Determine the amount of service revenue and expenses for 2024 using a cash basis accounting system.
Cash basis
Service revenue
Expenses
Total Spa Services earned $155,000 of service revenue during 2024. Of

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