Requirement 1. Show whether each transaction would be handled as a revenue or an expense using both the cash basis and accrual basis accounting systems by completing the table provided. (Expenses should be shown in parentheses.) Also indicate the dollar amount of the revenue or expense. The May 1 transaction has been completed as an example. (Enter "0" for any transactions that do not affect revenues or expenses.) Date May 1 Help me solve Amount of Revenue (Expense) for May Cash Basis Amount of Revenue (Expense) $ (1,500) More info May 1 May 5 May 9 May 14 May 23 May 31 May 31 May 31 Accrual Basis Amount of Revenue (Expense) $ 0 Prepaid rent for three months, $1,500 Received and paid electricity bill, $400. Received cash for meals served to customers, $2,700. Paid cash for kitchen equipment, $3,120 Served a banquet on account, $2,900. Made the adjusting entry for rent (from May 1). Accrued salary expense, $1,300. Recorded depreciation for May on kitchen equipment, $52. Continue
Requirement 1. Show whether each transaction would be handled as a revenue or an expense using both the cash basis and accrual basis accounting systems by completing the table provided. (Expenses should be shown in parentheses.) Also indicate the dollar amount of the revenue or expense. The May 1 transaction has been completed as an example. (Enter "0" for any transactions that do not affect revenues or expenses.) Date May 1 Help me solve Amount of Revenue (Expense) for May Cash Basis Amount of Revenue (Expense) $ (1,500) More info May 1 May 5 May 9 May 14 May 23 May 31 May 31 May 31 Accrual Basis Amount of Revenue (Expense) $ 0 Prepaid rent for three months, $1,500 Received and paid electricity bill, $400. Received cash for meals served to customers, $2,700. Paid cash for kitchen equipment, $3,120 Served a banquet on account, $2,900. Made the adjusting entry for rent (from May 1). Accrued salary expense, $1,300. Recorded depreciation for May on kitchen equipment, $52. Continue
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![33
Calorie Catering completed the following selected transactions during May 2024:
(Click the icon to view the transactions.)
Read the requirements
Requirement 1. Show whether each transaction would be handled as a revenue or an expense using both the cash basis and accrual basis accounting systems
by completing the table provided. (Expenses should be shown in parentheses.) Also indicate the dollar amount of the revenue or expense. The May 1 transaction
has been completed as an example. (Enter "0" for any transactions that do not affect revenues or expenses.)
Date
May 1
Help me solve
Amount of Revenue (Expense) for May
Cash Basis Amount
of Revenue (Expense)
$ (1,500)
More info
May 1
May 5
May 9
May 14
May 23
May 31
May 31
May 31
Accrual Basis Amount
of Revenue (Expense)
$
0
Prepaid rent for three months, $1,500.
Received and paid electricity bill, $400.
Received cash for meals served to customers, $2,700.
Paid cash for kitchen equipment, $3,120.
Served a banquet on account, $2,900.
Made the adjusting entry for rent (from May 1).
Accrued salary expense, $1,300.
Recorded depreciation for May on kitchen equipment, $52.
Continue
SHEAR YOe](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc920b97c-87aa-46c0-8bc0-31ebf3a1b2d8%2Ffb742c15-bf11-4d89-a70e-89f9714c6497%2Fdkboy19_processed.jpeg&w=3840&q=75)
Transcribed Image Text:33
Calorie Catering completed the following selected transactions during May 2024:
(Click the icon to view the transactions.)
Read the requirements
Requirement 1. Show whether each transaction would be handled as a revenue or an expense using both the cash basis and accrual basis accounting systems
by completing the table provided. (Expenses should be shown in parentheses.) Also indicate the dollar amount of the revenue or expense. The May 1 transaction
has been completed as an example. (Enter "0" for any transactions that do not affect revenues or expenses.)
Date
May 1
Help me solve
Amount of Revenue (Expense) for May
Cash Basis Amount
of Revenue (Expense)
$ (1,500)
More info
May 1
May 5
May 9
May 14
May 23
May 31
May 31
May 31
Accrual Basis Amount
of Revenue (Expense)
$
0
Prepaid rent for three months, $1,500.
Received and paid electricity bill, $400.
Received cash for meals served to customers, $2,700.
Paid cash for kitchen equipment, $3,120.
Served a banquet on account, $2,900.
Made the adjusting entry for rent (from May 1).
Accrued salary expense, $1,300.
Recorded depreciation for May on kitchen equipment, $52.
Continue
SHEAR YOe
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education