Question
Jims Gymnastics Trainings operations for the month of October are summarized as follows: A. Provided $9,400 of training to students on account. B. Received $3,600
| Jims Gymnastics Trainings operations for the month of October are summarized as follows: |
| A. | Provided $9,400 of training to students on account. |
| B. | Received $3,600 cash from students for training provided in October. |
| C. | Received $1,800 cash for training to be provided in November. |
| D. | Received $4,400 cash from students on account for training provided in September. |
| E. | Paid Septembers gym rental bill on account in the amount of $1,500 |
| F. | Received Octobers rental bill of $1,300; set it aside. |
| Required: | |
| a. | Calculate Net Income for October using the cash basis of accounting. |
| b. | Calculate Net Income for October using the accrual basis of accounting. |
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The HA HandBook Series Auditing The Legal Process Improving The Efficiency And Effectiveness Of Legal Counsel
Authors: Scott Fargason
1st Edition
0894134698, 978-0894134692
