1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
slava [35]
3 years ago
7

Use the drop-down menus to indicate whether each of the following events would be recorded as revenues or expenses at the time i

t happens under accrual-basis and cash-basis accounting methods.
Event Accrual-Basis Cash-Basis
September: Receive cash in advance from customers for services to be performed in November.
selectRecord revenueDo not record revenue
selectRecord revenueDo not record revenue
October: Purchase supplies totaling $10,000 on account.
selectRecord expenseDo not record expense
selectRecord expenseDo not record expense
November: Receive cash for services performed in November.
selectRecord revenueDo not record revenue
selectDo not record revenueRecord revenue
November: Perform services for customers who paid in advance during October.
selectRecord revenueDo not record revenue
selectRecord revenueDo not record revenue
December: Pay cash for the supplies that were purchased in October.
selectRecord expenseDo not record expense
selectRecord expenseDo not record expense
Business
1 answer:
nikitadnepr [17]3 years ago
4 0

Answer and Explanation:

The classification is as followS:

<u>Transactions                                 Accrual basis        Cash basis </u>

1. Cash received in advance      Not record              record the revenue

2. Purchase supplies                  Not record              Not record the expense

3. Received cash for services     record  revenue       record revenue

4. Perform services                     Record revenue       Not record the revenue

5. Pay cash for the supplies         Not record          record the expense

In this way it should be classified

You might be interested in
The actual and standardized budgets will be equal when: 
A. The rate of inflation is zero
B. The economy is at full employment
C
alexira [117]

Answer:

The correct answer to the following question is B) the economy is at full employment.

Explanation:

Standardized budget which is also know as full employment budget , is used to measure the federal budget deficit or surplus , with the given tax rates and government spending. Here the assumption made is that the economy has full employment, and this is one of the major difference between standardized and actual budget . Also standardized budget would reflect any type of adjustment that has to be made in the actual budget. So therefore the only way that actual budget and standardized budget are equal is when they both have full employment present in the economy.

8 0
3 years ago
Revenues are recognized when ______, even when the cash is collected in a different accounting period than the obligation to the
Elanso [62]

The condition for which revenues are recognized even when the cash is collected in a different accounting period is;

  • Services are provided even if cash has not yet been collected, in cases of accrual basis accounting

<h3>Revenue recognition</h3>

Two major forms of revenue recognition exist;

  • When Cash is collected from customers. This is the case when the organisation uses cash basis accounting
  • When services are provided even if cash has not yet been collected. This is the case when the organisation used accrual basis accounting

Read more on revenue recognition;

brainly.com/question/26274038

6 0
2 years ago
Sanjay is the manager at a restaurant and offers to promote Linda, a waitress at the same restaurant, in return for sexual favor
Tresset [83]

Answer:quid pro quo harassment

Explanation:It is sexual and involves exchanges in a workplace.

3 0
3 years ago
At the beginning of the period, a company reports a balance in office supplies of $450. During the period, the company purchases
Hoochie [10]

Answer:

Explanation:

Before passing the journal entry, first, we have to compute the total supplies consumed. The formula to compute the total supplies consumed is shown below:

= Beginning balance of supplies + Purchase of supplies - ending balance if supplies

= $450+ $3,400 - $900

= $2,950

Now the journal entry would be

Supplies expense A/c Dr   $2,950

      To Supplies A/c                            $2,950

(Being supplies consumed recorded)

4 0
3 years ago
Undertaking initiatives that help an organization assume an enhanced citizenship role aligns with the human resource management
vesna_86 [32]

Answer:

complying with legal and social obligations

Explanation:

Every organisation runs its business to achieve the objectives of the business.

Further, the organisation seeks to work in an environment which is legally and socially free from any obligations.

The organisation which assumes too have greater citizenship roles automatically aligns the human resource management with the goal of complying with the legal and social obligations.

As with greater citizenship roles there comes greater diversity which helps to ensure the legal and social obligations.

7 0
3 years ago
Other questions:
  • Devin Company has the following data for their budget and actual performance. Actual Master budget Master Budget Variance Sales
    15·1 answer
  • In 1932, the u.s. government imposed a two-cent tax on checks written on deposits in bank accounts. this action would be expecte
    11·1 answer
  • An HR manager for PepsiCo, a company known for its commitment to diversity, is seeking to hire employees who are very comfortabl
    12·1 answer
  • Van pays the following medical expenses this year:
    13·1 answer
  • Bakit mahirap na matamo ang kaganapang pantao​
    10·1 answer
  • The electronic version of the owner guide contains the same information that is found in the paper owner guide that is placed in
    7·1 answer
  • Select the correct answer from each drop-down menu.
    10·1 answer
  • 5. Would most standard bank accounts work for Janet based on her banking needs? Why or why not?
    14·1 answer
  • Grace is waiting in her office to meet Joseph, the new sales representative for Powerslam shoe company. Joseph arrives promptly
    12·1 answer
  • Question: According to a Honda press release on October 23, 2006, sales of the fuel-efficient four-cylinder Honda Civic rose by
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!