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15) For each transaction below, calculate the amount of revenue to be recorded in the current period using accrual-basis accounting: a) Performed $30,000 of services
15) For each transaction below, calculate the amount of revenue to be recorded in the current period using accrual-basis accounting: a) Performed $30,000 of services during the month and received full cash payment from customers at the time of service. b) Performed $7,500 of services during the month and billed customers. Customers are expected to pay next month. c) Received $14,000 cash from customers for services to be provided next month. $30,000 total: 16) For each transaction below, calculate the amount of expense to be recorded in the current period using accrual-basis accounting: a) Paid $4,100 on account for supplies purchased last period. All supplies were used last month. b) Paid $6,300 cash for advertising in the current period. c) Employees worked in the current period but will not be paid until the following period, $4,200.
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