d. Stockholders' equity decrease and assets decrease Sooner Company has the following transactions May 1...
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d. Stockholders' equity decrease and assets decrease Sooner Company has the following transactions May 1 Customer ordered an installation service to be done on May 15 May 2 Customer paid cash for the installation job to be done on May 15 May 8 Sooner Company purchased installation supplies on account for the job on May 15 May 15 Sooner started and completed the installation job June 1 Sooner paid cash for the supplies that he picked up on May 8th 21. Using the above transactions, please answer the following questions with the proper date: a. If Sooner uses the cash basis of accounting when would they recognize the expense of the supplies. c. If Sooner uses the accrual basis of accounting when would they recognize the revenue from the installation. ce of the $75,000, Robert rorted and that
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