The following transactions for Carleton Company occurred during January :
Purchased a twoyear insurance policy for cash, $
Paid utilities bill received in December $
Performed a service on account, $
Paid bimonthly salary to employees, $
Received $ from a customer on account.
Received $ from January transaction.
Prepared the adjusting entry for insurance from January transaction.
Accrued wages of $
Required: Show the amount of revenue and expense recognized for each transaction under both the accrual basis and the cash basis of accounting by completing the charts below. Marks
ACCRUAL BASIS
tableDateRevenue,Expense
CASH BASIS
tableDateRevenue,Expense
