Identify each of the following events as Accrual, Deferral or Neither. 1. Incurred operating expenses on account. 2. Paid cash for utilities expense. 3. Collected $100,000 in advance for services to be performed over next 3 months. 4. Paid cash to purchase supplies. 5. Recorded expense for salaries owed to employees at the end of the period. 6. made cash distribution to the owner. 7. provided services on account. 8. recognized interest on a note payable before cash is paid 9. paid one year's rent in advance 10. Purchased a computer with a 3-year life 11. Collected deposits from costumers 12. Invested vehicle for business use 13. Paid salaries 14. Recieved water bill for the month 15. Purchased a 2-year insurance premium.
Identify each of the following events as Accrual, Deferral or Neither.
1. Incurred operating expenses on account.
2. Paid cash for utilities expense.
3. Collected $100,000 in advance for services to be performed over next 3 months.
4. Paid cash to purchase supplies.
5. Recorded expense for salaries owed to employees at the end of the period.
6. made cash distribution to the owner.
7. provided services on account.
8. recognized interest on a note payable before cash is paid
9. paid one year's rent in advance
10. Purchased a computer with a 3-year life
11. Collected deposits from costumers
12. Invested vehicle for business use
13. Paid salaries
14. Recieved water bill for the month
15. Purchased a 2-year insurance premium.
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