Revenue Recognition and Matching}

Omega Transportation Inc., headquartered in Saint John, New Brunswick, uses the accrual basis of accounting and engaged in the following transactions:

- billed customers \(\$ 2,415,250\) for transportation services - collected cash from customers in the amount of \(\$ 1,381,975\)
- purchased fuel supplies for \(\$ 1,333,800\) cash - used fuel supplies that cost \(\$ 1,303,490\)
- employees earned salaries of \(\$ 291,500\)
- paid employees \(\$ 280,300\) cash for salaries Required:
Determine the amount of sales revenue and total expenses for Omega's statement of earnings.
\section*{OBJECTIVE 2 Exercise