answer all of them please
#1-9
1. Discuss the major principle that describes recording revenues. 2. Discuss the major principle that describes recording expenses. 3. Samantha is a first-year accounting student. She doesn't think it matters that expenses are reported in the same period's income statement with the related revenues. She feels that as long as revenues and expenses are recorded in any period, that's good enough." Help her understand why reporting expenses with the revenues they help to generate is important 4. Executive Lawn provides $100 of landscape maintenance to Peterson Lawn on April 10. If Executive Lawn uses accrual-basis accounting, on which date would Peterson Lawn record the $100 expense for each scenario. Consider three scenarios a. Peterson pays for the lawn service in advance on March 28. b. Peterson pays for the lawn service on April 10, the day of the service. c. Peterson pays for the lawn service the following month on May 2. 5. Consider the information in Question 4. Using cash basis accounting, on which date would Executive Lawn record the $100 revenue for each scenario? 6. Provide an example of a pre-paid expense. Describe the adjusting entry associated with a prepaid expense. 7. Provide an example of an accrued expense, Describe the adjusting entry associated with an accrued expense. 8. Global Printing publishes several types of magazines, Customers are required to pay for magazines in advance. On November 5, Global receives cash of $120,000 for prepaid subscriptions. By the end of November, Global has distributed $20,000 of magazines to customers. Record the month-end adjusting entry. 9. Fill in the blank associated with each adjusting entry a Prepaid expense: Debit Supplies Expense; credit b.Deferre Revenue: Debit credit Service Revenue. c.Accrued Expense: Debit, credit Salaries Payable.. d Accrued Revenue: Debit Accounts Receivable; credit 1. Discuss the major principle that describes recording revenues 2 Discuss the major principle that describes recording expenses. 3. Samantha is a first-year accounting student. She doesn't think it matters that expenses are reported in the same period's income statement with the related revenues. She feels that as long as revenues and expenses are recorded in any period, that's good enough"Help her understand why reporting expenses with the revenues they help to generate is important 4. Executive Lawn provides $100 of landscape maintenance to Peterson Lawn on April 10. If Executive Lawn uses accrual-basis accounting, on which date would Peterson Lawn record the $100 expense for each scenario. Consider three scenarios a. Peterson pays for the lawn service in advance on March 28 b. Peterson pays for the lawn service on April 10, the day of the service. c. Peterson pays for the lawn service the following month on May 2 5. Consider the information in Question 4. Using cash basis accounting, on which date would Executive Lawn record the $100 revenue for each scenario? 6. Provide an example of a pre-paid expense. Describe the adjusting entry associated with a prepaid expense 7. Provide an example of an accrued expense. Describe the adjusting entry associated with an accrued expense. 8. Global Printing publishes several types of magazines. Customers are required to pay for magazines in advance. On November 5, Global receives cash of $120,000 for prepaid subscriptions. By the end of November, Global has distributed $20,000 of magazines to customers. Record the month-end adjusting entry. 9. Fill in the blank associated with each adjusting entry: a Prepaid expense: Debit Supplies Expense; credit b.Deferre Revenue: Debit credit Service Revenue c.Accrued Expense: Debit_ credit Salaries Payable d.Accrued Revenue: Debit Accounts Receivable; credit
