Homework 3 - Valerie Bodden Kluge. 10-0014 S3-1 (5 min)...

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Valerie Bodden Kluge. 10-0014 S3-1 (5 min) Req. 1 (a) Cash basis $600 (b) Accrual basis $2,000 Req. 2 The Accrual Basis because it shows both revenues and expenses.
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Valerie Bodden Kluge. 10-0014 S3-2 (5 min) Req. 1 (a) Cash Basis Amount (b) Accrual Basis Amount Equipment $5,000 Equipment $5,000 Req. 2 Accual Basis is more realistic because it dealt with the expenses and revenues.
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P3-28A Req. 1 Journal Entry Date Accounts Debit Credit July 1 Prepaid insurance 1,200 Cash 1,200 July 4 Accounts receivable 2,300 Service revenue 2,300 July 5 Equipment 1,400 Accounts payable 1,400 July 8 Property tax expense 300 Cash 300 July 11 Equipment 1,700 Cash 1,700 July 19 Cash 800 Service revenue 800 July 24 Cash 500 Accounts receivable 500 July 26 Accounts payable 1,400 Cash 1,400 July 29 Salary expense 1,000 Cash 1,000 July 31 Insurance expense 400 Prepaid insurance 400 July 31 Unearned service revenue 800 Service revenue 800 Req. 2 Amount of Revenue (Expense) for July Accrual – Basis:
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This note was uploaded on 08/09/2011 for the course ACCOUNTING --- taught by Professor --- during the Spring '11 term at Universidad Iberoamericana.

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Homework 3 - Valerie Bodden Kluge. 10-0014 S3-1 (5 min)...

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