The following transactions are February activities of Swing Hard Incorporated, which offers indoor golfing lessons in the northeastern United States
The following transactions are February activities of Swing Hard Incorporated, which offers indoor golfing lessons in the northeastern United States. If an expense is to be recognized in February, indicate the amount. Activit Amount
a. Swing Hard paid $2,600 to its golf instructors for the month of February.
b. Swing Hard paid $2,500 for electricity used in the month of January.
c. Swing Hard received an electricity bill for $1,420 for the month of February, to be paid in March.
Homework Answers
As per the accrual concept, an expense is to be recognised in the month in which the expense in incurred, irrespective to the month in which it is paid.
Accordingly,
(a) shall be recognised in February since it relates to
February.
(b) would have been recognised in January irrespective of the fact that it is paid in February.
(c) would be recognised in February since it relates to February irrespective of the fact that it shall be paid in March.
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The following transactions are February activities of Swing Hard Incorporated, which offers indoor golfing lessons in the northeastern United States
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The following transactions are February activities of Swing Hard Incorporated, which offers indoor golfing lessons in the northeastern United States. If an expense is to be recognized in February, indicate the amount. Amount a. Activity Swing Hard paid $6,600 to its golf instructors for the month of February. Swing Hard paid $3,400 for electricity used in the month of January. Swing Hard received an electricity bill for $1,210 for the month of February, to be paid in March. b. C.
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The following transactions are February activities of Swing Hard Incorporated, which offers indoor golfing lessons in the northeastern United States. a. Swing Hard paid $6.600 to its golf instructors for the month of February b. Swing Hard paid $3,400 for electricity used in the month of January c Swing Hard received an electricity bill for $1,210 for the month of February, to be paid in March. Prepare journal entries to record the above transactions. (If no entry is required for...
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The following transactions are February activities of Swing Hard Incorporated, which offers indoor golfing lessons in the northeastern United States. If an expense is to be recognized in February, indicate the amount. Amount a. Activity Swing Hard paid $6,600 to its golf instructors for the month of February. Swing Hard paid $3,400 for electricity used in the month of January. Swing Hard received an electricity bill for $1,210 for the month of February, to be paid in March. b. C.
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The following transactions are February activities of Swing Hard Incorporated, which offers indoor golfing lessons in the northeastern United States a. Swing Hard paid $6,000 to its golf instructors for the month of February b. Swing Hard paid $3,200 for electricity used in the month of January c. Swing Hard received an electricity bill for $1,300 for the month of February, to be paid in March Prepare journal entries to record the above transactions. (If no entry is required for...
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