No. | Expense Account Affected | Amount of Expense incurred in January | Explanation |
a | Utilities Expense | $ 2,767 | Payable |
b | Advertisment Expense | $ 296 | =888/3 |
c | Salaries Expense | $ 1,98,250 | For one week of January $396500/2 |
d | None | Since expense is related to September | |
e | None | Inventory | |
f | Cost of Goods Sold | $ 39,060 | =420*93 |
g | None | The expense related to December last year | |
h | Commission Expense | $ 15,100 | Payable |
i | None | Fixed Depreciable asset | |
j | Supplies Expense | $ 10,500 | =2900+6000-1600 |
k | Salaries Expense | $ 192 | =8*24 |
l | Insurance expense | $ 275 | =3300/12 |
m | Repair Expense | $ 590 | |
n | Telephone/Utilities Expense | $ 252 | |
o | Consulting Expense | $ 1,385 | |
p | NOne | Services received in December last year | |
q | Cost of Goods Sold | $ 76,000 | =1900*40 |
Revenues are normally recognized when a company transfers promised goods or services to customers in the...
Revenues are normally recognized when a company transfers promised goods or services to customers in the amount the company expects to be entitled to receive. Expense recognition is guided by an attempt to match the costs associated with the generation of those revenues to the same time period. Assume that the following transactions occurred in January: a. McGraw-Hill Education uses $2,767 worth of electricity and natural gas in its headquarters building for which it has not yet been billed. b....
Revenues are normally recognized when a company transfers promised goods or services to customers in the amount the company expects to be entitled to receive. Expense recognition is guided by an attempt to match the costs associated with the generation of those revenues to the same time period. Assume that the following transactions occurred in January: a. McGraw-Hill Education uses $2,774 worth of electricity and natural gas in its headquarters building for which it has not yet been billed. b....
Help Save & CH Revenues are normally recognized when a company transfers promised goods or services to customers in the amount the company expects to be entitled to receive. Expense recognition is guided by an attempt to match the costs associated with the generation of those revenues to the same time period. Assume that the following transactions occurred in January cos a. McGraw-Hill Education uses $2,763 worth of electricity and natural gas in its headquarters building for which it has...
E3-4 (Algo) Identifying Expenses LO3-2, 3-3 Revenues are normally recognized when a company transfers promised goods or services to customers in the amount the company expects to be entitled to receive. Expense recognition is guided by an attempt to match the costs associated with the generation of those revenues to the same time period. Assume that the following transactions occurred in January: a. McGraw-Hill Education uses $2,767 worth of electricity and natural gas in its headquarters building for which it...
Revenues are normally recognized when the company transfers promised goods or services in the amount the company expects to be entitled to receive. The amount recorded is the cash-equivalent sales price. Assume that the following transactions occurred in September: a. A popular ski magazine company receives a total of $11,645 today from subscribers. The subscriptions begin in the next fiscal year. Answer from the magazine company's standpoint. b. On September 1 of the current year, a bank lends $2,600 to...
Revenues are normally recognized when the company transfers promised goods or services in the amount the company expects to be entitled to receive. The amount recorded is the cash-equivalent sales price. Assume that the following transactions occurred in September: Book Print a. A popular ski magazine company receives a total of $11645 today from subscribers. The subscriptions begin in the next fiscal b. On September 1 of the current year, a bank lends $2,700 to a company, the note principal...
Check my work Revenues are normally recognized when the company transfers promised goods or services in the amount the company expects to receive. The amount recorded is the cash-equivalent sales price. The following transactions occurred in September: a. A popular ski magazine company receives a total of $11,545 today from subscribers. The subscriptions begin in the next fiscal year. Answer from the magazine company's standpoint. b. On September 1 of the current year, a bank lends $1,500 to a company,...
Can't figure out F for the amount of expense incurred in
january
1 a. McGraw Hill Education uses $2,772 worth of electricity and natural gas in its headquarters building for which it has not yet been billed b. At the beginning of January. Turner Construction Company pays $981 for magazine advertising to run in monthly publications each of the first three months of the year. c. Dell pays its computer service technicians $396,500 in salaries for the two weeks ended...
E3-4 (Algo) Identifying Expenses LO3-2, 3-3
Revenues are normally recognized when a company transfers
promised goods or services to customers in the amount the company
expects to be entitled to receive. Expense recognition is guided by
an attempt to match the costs associated with the generation of
those revenues to the same time period. Assume that the following
transactions occurred in January:
e. The campus bookstore receives 740 accounting texts at a cost
of $98 each. The terms indicate that...
Hi, here is the problem! i just need help with the ones i got
wrong! thank you!
E3-4 (Static) Identifying Expenses LO3-2, 3-3
Revenues are normally recognized when a company transfers
promised goods or services to customers in the amount the company
expects to be entitled to receive. Expense recognition is guided by
an attempt to match the costs associated with the generation of
those revenues to the same time period. Assume that the following
transactions occurred in January:
McGraw-Hill...