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i cant figure out how to do the cash basis accounting system Total Pool Services earned $155,000 of service revenue during 2024. Of the $155,000
i cant figure out how to do the cash basis accounting system
Total Pool Services earned $155,000 of service revenue during 2024. Of the $155,000 earned, the businoss received $140,000 in cash. The remaining amount, $15,000, was still owed by customers as of December 31 . In addition, Total Pool Services incurred $75,000 of expenses during the year. As of December 31,59,000 of the expenses stal needed to be paid. In addition, Total Pool Services prepaid \$4,000 cash in December 2024 for expenses incurred during the naxt yoar. 1. Determine the amount of service revenue and expenses for 2024 using a cash basis acocunting system. 2. Determine the amount of service revenue and expenses for 2024 using an accrual basis accounting system. 1. Determine the amount of service revenue and expenses for 2024 using a cash basis accounting system Step by Step Solution
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