24. Instructions: Complete the chart below. For each situation, state the correct revenue or expense amount to recon each year following the revenue/ expenses recognition criteria. NOTE: The first one is completed for you as an example 1. Received bills in early 2020 for $32,600 for expenses incurred in 2019. 2. Purchased supplies for $26,000 for a job to be started on in 2020. 3. Purchased supplies for $4,600 for a job that was completed in 2019. 4. Purchased supplies for $80,000 in 2020 for a new contract that will begin in 2021. 5. Consulting services performed in 2019 for $70,000. However, the client only paid $10,000 in 2019 and will pay the remainder in 2020. 6. Revenue earned in 2019 will be collected in 2020 in the amount of $45,000. 7. Advance payment of $176,000 received in 2019 for a contract to be completed equally in 2020 and 2021. 2019 2020 2021 Think 6 1) Expense 32600 2) Expense 3) Expense 9 4) Expense 5) Revenue 6) Revenue 7) Revenue