How you would record/expect to see all general ledger activity according to GAAP for the following scenarios. Note the month(s) and amounts and explain your answers. What other flags do you have with this information and what would your approach be for addressing them?

1) On March 15th, 2020 we receive an invoice for a software subscription for $15,000. The invoice is due April 15th, but we pay it on March 31st. The subscription lasts from May 1st to January 31st.

2) We earn $1200 revenue from the University where one of our students is taking a class. The student signs up for the class on July 1st, 2020 and we invoice the University on July 8th. The class starts August 5th and ends October 10th. The University pays us on August 15th.

3) On February 25th, 2020 we purchase $850 worth of printer paper that is expected to last until the end of May. We receive the invoice for the paper on March 1st and pay it on April 2nd.

4) On January 1st, 2020 we make a downpayment of $5,000 on an insurance policy that will last for 12 months. The remaining premium of $7,000 will be due in 2 equal installments of $3500 due on February 1st and March 1st.

5) On April 10th, 2020 we receive an invoice for $8,000 of legal services performed in February and March and for a $4000 retainer fee. The invoice is due on April 20th and we pay it on that date.

6) On November 17th, 2020 we receive an invoice from Apple for $239,316 for 200 MacBooks which is paid on Net30 terms. You notice that the vendor did not charge us any sales tax. The IT team deploys the laptops in phases over the following 3 months. In March 2022 we are notified that 1 of the laptops has been stolen from an employees car.

7) From the corporate credit card the following transactions posted late in January 2020. The card holder submitted their monthly expense report on 2/1 and none of these expenses were included: a) 1/27/20 $750 LinkedIn monthly subscription b) 1/29/20 $322 flight for candidate traveling to Denver on 2/18 c) 1/31/20 $5455 for catering an all employee lunch d) 1/31/20 $30 annual card renewal fee