Help Save & Exl Chec Under accrual basis accounting, expenses are recognized when incurred. The following transactions occurred in January Required: For each of the transactions, if an expense is to be recognized in January, indicate the amount. (Enter your answers in dollars but na in millions.) a Activity Amount American Express paid its salespersons $3,500 in commissions related to December sales of financial advisory services. Answer from American Express's 9500 standpoint On January 31, American Express determined that it will pay its salespersons b. $4,200 in commissions related to January sales. The payment will be made in $ 4,200 early February. Answer from American Express's standpoint. The city of Omaha hired Waste Management, Inc., to provide trash collection c. Services beginning January 1. The city paid $12 million for the entire year. $ 12 Answer from the city's standpoint The University of Florida paid $10,000 in advance for refundable airline tickets to d. fly the baseball team to a tournament in California. The first game will be played $ 10,000 in March. Answer from the university's standpoint. A Houston Community College employee worked eight hours, at $15 per hour. e. on January 31: payday is not until February 3. Answer from the college's point of $ 120 view. f. Wang Company paid $3,600 for a fire insurance policy on January 1. The policy $ 3,600 covers 12 months beginning on January 1. Answer from Wang's point of view. Ziegler Company, a farm equipment company received a phone bill for $230 of 9 $ 230 January calls. The bill has not been paid to date