a. Compte 2020 cash-basis net income

h. Compute 2020 sccrual basis net income

E34 \ 101,2,3\ Luong Corporation encounters the following situations

1. Luong collects $1.300 from a customer in 2(120) for services to be performed in 2021.

2. Log inscurs utility expense which is not yet paid in cash or recorded.

Menty the pe of sing

3. Luong's employees worked 3 days in 2020 but will not be paid until 2021 4. Long performs services for customers but has not yet received cash or recorded the transaction

8. Lng paid $2.800 rent on December 1 for the 4 months starting December 1

& Long received cash for future services and recorded a fiability until the service was performed.

7. Long performed consulting services for a client in December 2020 On December 31, it had not

hilled the client for services provided of 31.2(x)

8. Luong pd cash for an expense and recorded an asset until the item was used up 9. Long purchased 1900 of supplies in 2020, at year-end. $400 of supphes remain unsed

10. Laung purchased epipment on January 1, 2020, the equipment will be used for 5 years

11. Lng borrowed $12.000 on October 1, 2020, signing an 8% one year note payable

Instructions

Menity what type of adjusting entry (prepaid expense, une armed revenue, accrued expense, or accrued

reves) is needed in each situation at December 31, 2020