Question
Q Company has the following information: Received $1,500 cash on July 15, 2017 in exchange for services performed for a customer on July 15, 2017
Q Company has the following information: Received $1,500 cash on July 15, 2017 in exchange for services performed for a customer on July 15, 2017 Performed services of $1,000 for a customer on July 28, 2017. Q billed the customer who will pay in August, 2017 Received $800 cash on June 15, 2017 in exchange for services to be performed for a customer in July 2017. Q performed the services on July 10, 2017 Performed services of $600 for a customer on June 29, 2017. Q billed the customer who paid the bill on July 10, 2017 Received $1,300 cash on July 25, 2017 in exchange for services to be performed for a customer in August 2017. Under the accrual basis of accounting, what is Q Company's revenue that would appear on its July 2017 income statement?
PT2) Z Company has the following information:
- Paid $500 cash on July 15, 2017 in exchange for a company to fix a broken window in its building on July 15, 2017
- Used $700 of services of a computer company to remove viruses from its computers on July 28, 2017. The company billed Q who will pay the $700 in August, 2017
- Paid $1,300 cash on June 25, 2017 to another company that will paint Q's offices in July 2017. The company painted the offices on July 10, 2017
- Hired a plumber to replace a faucet on June 29, 2017. The plumber billed Q $300. Q paid the bill on July 10, 2017
- Paid $1,500 cash to another company on July 25, 2017 in exchange for lawn services to be performed from August to October 2017. Under the accrual basis of accounting, what is Q Company's expense that would appear on its July 2017 income statement?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started