Hi I need Accounting help please.

Accrual- and Cash-Basis Expenses

Speedy Delivery Company provides next-day delivery across the southeastern United States. During May, Speedy incurred $132,600 in fuel costs. Speedy paid $95,450 of the fuel cost in May, with the remainder paid in June. In addition, Speedy paid $15,000 in May to another fuel supplier in an effort to build up its supply of fuel.

Required:

1. Calculate the amount of expense recognized in May under cash-basis accounting. $

2. Calculate the amount of expense recognized in May under accrual-basis accounting. $

Identification of Adjusting Entries

Singleton Inc. uses the accrual basis of accounting and had the following transactions during the year.

Required:

Identify and explain why each transaction may or may not require adjustment.

a. Merchandise was sold to customers on credit.

will not require an adjustment/ may require an adjustment (which one is it)

b. Purchased equipment to be used in the operation of its business. will not require an adjustment/ may require an adjustment (which one is it)

c. A 2-year insurance contract was purchased.

will not require an adjustment/ may require an adjustment (which one is it)

d. Received cash for services to be performed over the next year.

will not require an adjustment/ may require an adjustment (which one is it)

e. Paid weekly employee salaries

will not require an adjustment/ may require an adjustment (which one is it)

f. Borrowed money from First Bank by signing a note payable due in 5 years.

will not require an adjustment/ may require an adjustment (which one is it)

Thanks