Provide journal entries for the facts for both the modified accrual accounting basis and the accrual accounting basis. a.) Total amount of Expenditures that would br recognized: Item Salaries Paid in Cash Accrued Salaries Accrued Utility bill Purchase of Equipment Payment of principle Payment of Interest TOTAL Expenditures 3,000,000.00 20,000.00 include 10,000.00 include 200,000.00 include 100,000.00 include 40,000.00 3,370,000.00 b.) Total amount of expenses that would be recognized: Salaries Paid in Cash 3,000,000.00 Accrued Salaries Accrued Utility bill Purchase of Equipment/ Depreciation Payment of priniciple Payment of Interest TOTAL 20,000.00 10,000.00 20,000.00 40,000.00 3,090,000.00

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.