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Please explain step by step how to get the answers Pearsor ACT-Sole Pronetorship - Google Chrome act.pearsoncmg.com/Activity/5/1/3 HINT Activity 1.c - Identifying Differences between Cash
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Pearsor ACT-Sole Pronetorship - Google Chrome act.pearsoncmg.com/Activity/5/1/3 HINT Activity 1.c - Identifying Differences between Cash and Accrual Basis Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question. The Orange Lily Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $3,600 for six months of advertising. Orange Lily Law Firm recorded $3,600 in the Prepaid Advertising account. Accrual basis If Orange Lily Law Firm had recorded their expenses using the other method, how much advertising expense would they have recorded for the two months ending February 287 Enter this value as a positive number. Secure Home provides house sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. As of the end of the year, Secure Home has collected $720 from cash-paying customers. Secure Home's remaining customers owe the business $1,060. Secure Home recorded $720 of service revenue for the year, Cash basis if Secure Home had recorded their service revenue using the other method, how much service revenue would they have recorded for the year? Momentous Occasions received $2.990 for services to be performed for the next 8 months on March 31 and recorded this transaction using the Unearned Revenue account Accrual basis If Momentous Occasions had recorded their service revenue using the other method, how much service revenue would they have recorded for the year? Sweet Catering completed the following selected transactions during May 2016: Start Type here to search O 5:55 PM 57F Sunny A4292Step by Step Solution
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