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Revenues are nornally recognited when a company transfers promised goods or services to customers in the amount the company expects to be entilied to recelve. Expense recognition is gulded by an attenpt to match the costs astociated with the generation of those revenues to the same time period. Assume that the following transactions occurred in January. a. McGraw-Hii Education uses $3,800 worth of electricity and natural gas in its headquarters bulding for which it has not yet been billed. b. At the beginning of January, Tumer Construction Company pays 5 t, 3so for magazine advertiaing to fun in monthly publications each of the first three months of the yeor. c. Dell pays its computer service technicians $403,000 in salarles for the two weeks ended January 7 . Answer from Deirs standpoint. d. lowa State University orders 200,000 footboll tickets from its printet and prepays $8.340 for the custom printing The first game. will be played in Septembec. Answer from the univerily's standpoint e. The campus bookstore receives 500 accounting texts at a cost of $210 each. The terms indicate that poyment is due within 30 days of delivery. t. Ouring the last week of Janvary, the campus bookstore sold 400 accounting texts received in (el at s sales price of $280 each 9. Fucillo Automotive Group pays its salespersons $63,800 in commissions triated to December automabile sales. Answer from Fucillos standpoint. h. On January 31, Fucillo Automotive Group determines that it wili poy its salespersons 555,560 in commissions retated to January sales, The payment will be made in eany february, Answer trom Fucilo's standpoint. 1. A new gril is received and installed at a Wendy's restaurant at the end of the day on January 31 ; a 512.750 cash payment is made on that day to the gril supply company. Answer from Wendy's standpoint. J. Mall of America (in Bioomington, MNN) had janitorial wupples costing $3.500 in storage. An additional $2.600 worth of supplies was purchased during Jenuary. At the end of January, 51.400 worth of janitorial supplies remained in storage. k. An Emory University employee works eight hours, at $23 per hour, on January 31 , however, peyday is not unbl februacy 3. Answer from the university's point of viow: 1. Wang Compory paid $4,800 for a fire insurance policy on janway t. The poilcy covers 12 months beginning on /4 anuary 1 Answer from Wang's point of view. m. Derek Incorporated has is dekvery vac repaired in January for $000 and charyes the ampount on account. n. Hass Company, a farm equipment company, recelves zs phone bil at the end of danuary for $154 for January calks. The bat has not been paid to date. 0. Martin Company receives and pays in Januscy a $2,034 invoice poith from a consuting firm for services received in January. Answer from Martin's standpolat. p. Paralos Tas Compony pays a $595 invoice from a corisuting firm for services receilved and recorded in Deceraber. Answer from Martin's standpoint. p. Parillo's Taxi Company pays a $595 invoice from a consuiting firm for services recelved and recorded in December. 4. PVH Corporation, manufacturer of IZOD, ARROW, Van Heusen, Calvin Klein, and Tommy Hifiger apparel among other brandx. completes production of 450 men's shirts ordered by Macy's department stores at a cost of $21 each and delvers the order in January. Answer from PVH Corporation's standpoint Required: For each of the transactions, if an expense is to be recognzed in January, indicate the expense account title and the amount. Notec If expense is not recognired choose "None
