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if you could do all 3 it would really help 1. Revenue recognition - accrual basis vs. cash basis: Ring The Bells, Inc. provides doorbell

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image text in transcribedif you could do all 3 it would really help
1. Revenue recognition - accrual basis vs. cash basis: Ring The Bells, Inc. provides doorbell repair services to customers. The accountant for Ring The Bells noted the following events which took place during April 2018: i. Received $3,280 in cash in advance in April from customers for services which will be provided in May 2018. ii. Received $6,725 in cash in April from customers for services that had already been provided on account in March 2018. ili. Provided $4,090 worth of services to customers in April. Customers paid $500 in cash in April for these services. The remaining $3,590 was purchased on account and was collected from customers in May 2018. a. Using cash-basis accounting, how much revenue would Ring the Bells record for April 2018? Briefly explain or show how you got your answer. b. Using accrual basis accounting, how much revenue would Ring the Bells record for April 2018? Briefly explain or show how you got your answer. 2. Expense recognition -accrual basis vs. cash basis: Ring The Bells, Inc. provides doorbell repair services to customers. The accountant for Ring The Bells noted the following events which took place during April 2018: 1. Received a utilities bill for $790 for April 2018 utilities. The firm will pay this bill in May 2018 ii. Paid $8,420 in cash in advance for a new health insurance policy covering May 2018 - November 2018 ili. Paid $2,600 in cash for April 2018 Rent. a. Using cash-basis accounting, how much in expenses would Ring the Bells record for April 2018? Briefly explain or show how you got your answer. 1. Using accrual-basis accounting, how much in expenses would Ring the Bells record for April 2018? Briefly explain or show how you got your answer. 3. Accrual Based Accounting - Adjusting Journal Entries (AJEs): On June 11, 2021, Better Than That, Inc. has a $515 beginning balance in the Supplies account. On June 10th, 2021, the firm purchased an additional $5,820 worth of supplies on account. At the end of the month, June 30th, 2021, only $980 worth of supplies remain. a. Record the journal entry Better Than That would make on June 10th, 2021 when it purchases the $5,820 worth of supplies. b. Record the adjusting entry Better Than That would make to recognize Supplies Expense on June 30th 2021. Assume Better Than That uses a monthly accounting period which ends on June 30th, 2021 and adjusting entries are only made at the end of the monthly accounting period (i.e. assume no adjusting entries have been recorded yet for the month). C. Calculate the adjusted balances of both the Supplies account and the Supplies Expense account as of 6/30/2021. Assume the balance of the Supplies account as of 6/1/2021 was $515 (as given above) and the balance of the Supplies Expense account was $0 as of 6/1/2021 and there are no other transactions. d. What if Better Than That did not make the adjusting entry on 6/30/2021 to recognize Supplies Expense? Indicate by how much the June's ending 6/30/2021's 1) assets, 2) liabilities, 3) revenues, 4) expenses, 5) net income, 6) retained earnings, and 7) SHE would be either under-or overstated if this adjusting entry were not recorded. If no effect, write 'no effect

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