Total Property Services earned $120,000 of service revenue during 2024. Of the $120,000 earned,...
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Total Property Services earned $120,000 of service revenue during 2024. Of the $120,000 earned, the business received $98,000 in cash. The remaining amount, $22,000, was still owed by customers as of December 31. In addition, Total Property Services incurred $82,000 of expenses during the year. As of December 31, $9,000 of the expenses still needed to be paid. In addition, Total Property Services prepaid $12,000 cash in December 2024 for expenses incurred during the next year. 1. Determine the amount of service revenue and expenses for 2024 using a cash basis accounting system. 2. Determine the amount of service revenue and expenses for 2024 using an accrual basis accounting system,
Total Propenty Services earned $120,000 of service revenwe during 2024 . Ot the $120,000 earned, the business received 596,000 in cash. The remalhing arneunt, 522,000 , was still be pald. In addison. Total Property Services prepaid $12.000 cash in December 2024 for experises houred durng the next year 1. Determine the amount of service revenue and expenses for 2024 using a cash bash accouviting system. 2. Determine the amount of service revenue and expenses for 2024 uning an accrual batis accounting system
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