Homework Answers
Correct answer is A. $2,000
As per accrual system of accounting,expense is recorded when it is incurred and not when cash is paid.
So, in the given case Charlie was paid $2,000 for landscaping services performed in september and $3,000 for services performed in october.So Bob has an expense of $2,000 in september and a prepaid expense of $3,000.
Amount of expense deductible on income statement in september is $2,000 which is incurred in september.
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