Wilson Consulting has provided the following information regarding cash payments to its employees in May and June:
Question:
Salary payments in May for work performed by employees in April........$ 8,000
Salary payments in May for work performed by employees in May..........15,000
Salary payments in June for work performed by employees in May...........9,000
Apply the matching principle to determine how much salary expense Wilson Consulting should report in its May income statement.
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Step by Step Answer:
Expenses are recognized when they are incurred not necessarily when cash is paid Thus the compa...View the full answer
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Related Book For 
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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