Adam elects the accrual method of accounting for his business. What amount of deductions does Adam recognize in year 0 for the following transactions? (Leave no answers blank. Enter zero if applicable.) 1) On December 1 of year 0, Adam paid $972 for a one-year contract with CleanUP Services to clean his store. The agreement calls for services to be provided on a weekly basis. 2) Adam was billed $510 for annual personal property taxes on his delivery van. Because this was the first time Adam was billed for these taxes, he did not make payment until January. However, he considers the amounts immaterial.
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