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(2 pts) Accrual basis vs. basis revenue and expense recognition: Suppose Capaldi Corp. provides travel services to customers and noted the following transactions for May
(2 pts) Accrual basis vs. basis revenue and expense recognition: Suppose Capaldi Corp. provides travel services to customers and noted the following transactions for May 2018: Cash basis revenue L (expense]: Transaction: Accrual basis revenue expense a. Provided services to customers for $2,920 in cash b. Paid $6,000 in cash for June's rent c. Received $3,900 in cash from customers for services to be provided in June d. Received bill from insurance company for May's monthly premium of 2,920 revenue$2,920 revenue $2,000. Cash payment will be made on June 7th. e. Paid $600 in cash for utilities used in May f. Paid workers $9,100 in cash for work performed in April g. Received $8,100 in cash from customers for services provided in April on account h. Issued common stock for $10,000 in cash i. Provided services to customers for $5,900 on account. Cash collections related to these services will not be received from customers until June For each transaction, determine the amount of revenue or (expense), if any, that is recorded under accrual-basis accounting and under cash-basis accounting for May 2018. I have completed transaction a. for you as an example
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