C The following transactions for Carleton Company ocured during January 2020: 1. Purchase two-year insurance policy for cash, $8,400 4. Paid Utilities bill recieved in December 2019, $450. 9. Peformed service account, $1,200 16. Paid Bi-monhly salary to employees, $2, 700 21. Recieved $800 from a costumer on account. 25. Recieved $600 from Janaury 9 transaction. 30, Prepared the adjusting entry for insurnace from Janaury 1 Transaction. 30. Accrued wages of $2,750. Required: show the amount on revenue and expense recognized for each transaction under both accrual basis and cash basis of accounting by completing the charts below. ACCRUAL BASIS Date Revenue Expenses CASH BASIS Date Revenue Expenses
C The following transactions for Carleton Company ocured during January 2020: 1. Purchase two-year insurance policy for cash, $8,400 4. Paid Utilities bill recieved in December 2019, $450. 9. Peformed service account, $1,200 16. Paid Bi-monhly salary to employees, $2, 700 21. Recieved $800 from a costumer on account. 25. Recieved $600 from Janaury 9 transaction. 30, Prepared the adjusting entry for insurnace from Janaury 1 Transaction. 30. Accrued wages of $2,750. Required: show the amount on revenue and expense recognized for each transaction under both accrual basis and cash basis of accounting by completing the charts below. ACCRUAL BASIS Date Revenue Expenses CASH BASIS Date Revenue Expenses
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:C The following transactions for Carleton Company ocured during January 2020: 1. Purchase two-year insurance policy
for cash, $8,400 4. Paid Utilities bill recieved in December 2019, $450. 9. Peformed service account, $1,200 16. Paid
Bi-monhly salary to employees, $2, 700 21. Recieved $800 from a costumer on account. 25. Recieved $600 from
Janaury 9 transaction. 30, Prepared the adjusting entry for insurnace from Janaury 1 Transaction. 30. Accrued wages of
$2,750. Required: show the amount on revenue and expense recognized for each transaction under both accrual basis
and cash basis of accounting by completing the charts below. ACCRUAL BASIS Date Revenue Expenses CASH BASIS
Date Revenue Expenses
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