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answer Total Property Services earned $140,000 of service revenue during 2021 . Of the $140,000 earned, the business received $106,000 in cash. The remaining amount,
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Total Property Services earned $140,000 of service revenue during 2021 . Of the $140,000 earned, the business received $106,000 in cash. The remaining amount, $34,000, was still owed by customers as of December 31 . In addition, Total Property Services incurred $70,000 of expenses during the year. As of December 31,$6,000 of the expenses still needed to be paid. In addition, Total Property Services prepaid \$4,000 cash in December 2021 for expenses incurred during the next year. a. Determine the amount of service revenue and expenses for 2021 using a cash-basis accounting system. b. Determine the amount of service revenue and expenses for 2021 using an accrual-basis accounting system. a. Determine the amount of service revenue and expenses for 2021 using a cash-basis accounting system Step by Step Solution
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