Required: For each transaction, determine the amount of revenue or expense, if any, that is...
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Accounting
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting in the current period. Accrual-Basis Revenue Expense Cash-Basis Revenue Expense Transaction 1. Receive cash from customers in advance, $600. 2. Pay utilities bill for the previous month, $150 3. Pay for insurance one year in advance, $2,000. 4. Pay workers' salaries for the current month, $800. 5. Incur costs for employee salaries in the current month but do not pay $1,000. 6. Receive cash from customers at the time of service, $1,700. 7. Purchase office supplies on account, $330. 8. Borrow cash from the bank, $4,000. 9. Receive cash from customers for services performed last month, $750. 10. Pay for advertising to appear in the current month, $450
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