Question

The following data are taken from the cash-basis accounting records of Myerson Company for the year ended December 31, 2021: Selected Data as of December 31, 2021 Customers billed in 2021 for services provided $ 460,000 Cash collections in 2021 for accounts billed in 2020 29,000 Cash collections in 2021 for accounts billed in 2021 200,000 Cash paid for supplies purchased in 2021 14,000 Supplies remaining at the end of 2021 2,200 Cash paid for salaries in 2021 11,000 Cash paid for annual rent on March 1, 2021 24,000 Calculate the amount of revenues and expenses for 2021 under accrual-basis accounting. (Round your final answers to the nearest whole dollar.)

Answer 1

Answer:

Calculate the amount of revenues and expenses for 2021 under accrual-basis accounting.

Revenue                  460,000

Supllies expenses     11,800

Salaries expenses     14,000

Explanation:

1.      

Db Account receivable_____________ 460000    

Cr Services revenue_________________________  460000   460000

     

     

2.      

Db Cash__________________ 29000    

Cr Account receivable_____________________  29000    

     

     

3.      

Db Cash________________________ 200000    

Cr account receivable___________________________  200000    

     

     

4.      

Db Supplies______________________ 14000    

Cr Cash_______________________________________  14000    

     

5.      

Db Supplies expenses_____________ 11800   11800  

Cr Supplies_____________________________  11800    

     

6.      

Db Salaries expenses______________________ 14000   14000  

Cr Cash_______________________________________  14000    

     

7.      

Db Tax payable______________________ 24000    

Cr Cash__________________________________  24000