Maurice Tutor

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Teaching Since: May 2017
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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 12 Aug 2017 My Price 13.00

Roma Co

In its first year of operations, Roma Co. earned $45,000 in revenues and received $37,000 cash from these customers. The company incurred expenses of $25,500 but had not paid $5,250 of them at year-end. The company also prepaid $6,750 cash for expenses that would be incurred the next year. Calculate the first year's net income under both the cash basis and the accrual basis of accounting.

Reveneues =? Expenses=? Net income=?


AND

During the year, Sereno Co. recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries: (1) accrue salaries expense, (2) adjust the Unearned Services Revenue account to recognize earned revenue, and (3) record services revenue earned for which cash will be received the following period. For each of these adjusting entries (1), (2), and (3), indicate the account to be debited and the account to be credited.

 

Adjust entries:

 

Accrue salaries expense.

 


Debit Credit
Adjust the Unearned Services Revenue account to recognize earned revenue.

Debit:
Credit:



Record services revenue earned for which cash will be received the following period.

Debit
Credit

 

 


Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 01:08 PM My Price 13.00

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