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Question 1 A company pays $5,800 for maintenance in the current period. Record the transaction. (If no entry is required for a transaction/event, select No
Question 1
A company pays $5,800 for maintenance in the current period. Record the transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
A company pays $5,800 for maintenance in the current period.
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Question 2
Rebel Technology maintains its records using cash-basis accounting. Consider the following:
- During the year, the company received cash from customers, $50,000, and paid cash for salaries, $21,900.
- At the beginning of the year, customers owe Rebel $1,100. By the end of the year, customers owe $8,000.
- At the beginning of the year, Rebel owes salaries of $7,000. At the end of the year, Rebel owes salaries of $4,000.
Determine cash-basis net income and accrual-basis net income for the year.
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