Concept explainers
CASH, MODIFIED CASH, AND ACCRUAL BASES OF ACCOUNTING For each
1. Office Equipment
Cash
Purchased equipment for cash
2. Office Equipment
Accounts Payable
Purchased equipment on account
3. Cash
Revenue
Cash receipts for week
4.
Revenue
Services performed on account
5. Prepaid Insurance
Cash
Purchased prepaid asset
6. Supplies
Accounts Payable
Purchased prepaid asset
7. Phone Expense
Cash
Paid phone bill
8. Wages Expense
Cash
Paid wages for month
9. Accounts Payable
Cash
Made payment on account
10. Supplies Expense
Supplies
11. Wages Expense
Wages Payable
12.
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