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myrzilka [38]
3 years ago
7

A company purchased $400 of office supplies on account during May. All the supplies were used in May, and the account was paid d

uring June. What would the impact of these transactions be during May on (1) the balance of cash, (2) cash-basis net income, and (3) accrual-basis net income?
Business
1 answer:
rusak2 [61]3 years ago
5 0

Answer:

What would the impact of these transactions be during May on

  • (1) the balance of cash NO EFFECT, the account balance was not paid in May
  • (2) cash-basis net income: NO EFFECT, the account balance was not paid in May
  • (3) accrual-basis net income: DECREASE, even though the debt was not paid, the expense had already been recognized, therefore, the accrual-basis net income decreases

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