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Causto Foppi runs a small bicycle servicing business; he repairs and services bikes. The transactions for the month of June are shown below. You are
Causto Foppi runs a small bicycle servicing business; he repairs and services bikes. The transactions for the month of June are shown below. You are required to enter the correct revenue and expense amounts appropriate to each of the accounting methods; Accrual and Cash. Use numbers only, do not enter $ or "-" signs, commas, decimals or spaces. Enter O where nothing should be reported. Revenue and Expense for month of JUNE Transactions for JUNE Method $ ACCRUAL CASH 700 Foppi purchased and paid for supplies in the month, supplies on hand at 30 June (supplies remaining unused at end of June) total An electricity bill for June will not be paid until next month. 200 300 Insurance for the year (annual insurance premium) was paid in May. 1200 Revenue received this month in advance of work that will be performed in August. 175 Salaries paid for month 450 Salaries incurred in June still owing to employees 220 Depreciation expense for the month 1500 Invoices for services performed during the month have been sent to customers. 4400 A charge for advertising incurred in May was paid this month. 250 Services performed in June for cash. 750 A.S
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