idAlsh M McGrawHill ConnectE Not secure connectmheducation

idAlsh | M McGraw-Hill Connect-E × Not secure connectmheducation.com/connect/hmEBook.do?setTab-sectionTabs Apps Other bookmarks 1155 go book contents it search ebook go PROBLEMS: SETA connect P3-1A Consider the following transactions. Determine accrual-basis and cash-basis revenues and expenses (L03-1,3-2) Accrual-basis Cash basis Transaction Revenue Expense Revenue Expense 1. Receive cash fromm customers in advance S600 2. Pay utilities bill for the previous month, $150 3. Pay for insurance one year in advance, $2,000 Pay workers\' salaries for the current 4 month, $800 5. Incur costs for employee salaries in the current month but do not pay $1,000 6. Receive cash from customers at the time of service, $1.700 Purchase office supplies on account, $330 Borrow cash from the 7. 8. rP ^(Gi ENG 1/31/2018 2:11 AM Type here to search

Solution

Accrual basis Cash basis Revenue Expense Revenue Expense 1 600 2 150 3 2000 4 800 800 5 1000 6 1700 1700 7 330 8 9 750 10 450 450