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Homework Answers
Answer a. Under the cash basis, Salem Home will record service revenue for the year : $800.
Explanation:
Under the cash basis, the revenue is recorded in the period in which the cash is received. Since in the given case Salem has collected $800 till the year-end, thus as per cash basis Salem revenue for the year is $800.
Answer b. Under the accrual basis, Salem Home will record service revenue for the year : $2,400
Explanation:
Under the accrual basis, the revenue is recorded in the period in which the revenue is earned. Since in the given case Salem has collected $800 in cash and $ 1,600 is outstanding, this mean for the year Salem has earned the revenue of $2,400 (800 + 1,600). Therefore as per accrual basis Salem revenue for the year is $2,400.
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