Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Jul 2017 My Price 14.00

Charlotte’s Golf School, Inc.,

Comparing accrual and cash-basis accounting, preparing adjusting entries, and preparing income statements Charlotte’s Golf School, Inc., completed the following transactions during March, 2012:

Mar 1

Prepaid insurance for March through May, $600.

4

Performed services (gave golf lessons) on account, $2,500.

5

Purchased equipment on account, $1,600.

8

Paid property tax expense, $100.

11

Purchased office equipment for cash, $1,500.

19

Performed services and received cash, $900.

24

Collected $400 on account.

26

Paid account payable from March 5.

29

Paid salary expense, $1,000.

31

Recorded adjusting entry for March insurance expense (see March 1).

31

Debited unearned revenue and credited revenue in an adjusting entry, $1,200.

Requirements

1. Prepare journal entries for each transaction.

2. Using the journal entries as a guide, show whether each transaction would be handled as a revenue or an expense, using both the accrual and cash basis, by completing the following table.

 

Amount of Revenue (Expense) for March

 

Cash-Basis Amount

Accrual-Basis Amount

Date

of Revenue (Expense)

of Revenue (Expense)

Mar

1

 

 
       

3. After completing the table, calculate the amount of net income or net loss for the company under the accrual and cash basis for March.

4. Considering your results from Requirement 3, which method gives the best picture of the true earnings of Charlotte’s Golf School, Inc.? Why?

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 10:07 PM My Price 14.00

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