Question 3 (marks) Under accrual basis accounting, accountants apply revenue recognition principle and expense recognition principle to determine when to record revenues and expenses. Revenue recognition principle states that revenues must be measured and recorded when they are earned, not necessarily when cash is received. Expense recognition principle (Matching principle) states that expenses must be recorded in the same period as the revenues generated by the expenses, not necessarily when cash is paid. Apply these principies appropriately in recording journal or adjusting journal entries for the following economic events on the said date a. On November 30, 2017, the Microsoft Corp. hired a cleaning service company. The cashier of Microsoft paid $24,000 in cash for six months' cleaning service fees in advance Cr Dr. Account Name b. The accountant of Microsoft Corp. determined that Microsoft employees earned salary and wages of S400,000 but these salary and wages were not yet paid as of December 31, 2017 Account Name Dr. Cr c. On December 31, 2017, Microsoft earned $600,000 of customized software development revenue in December 2017, and sent a bill to the customer. This amount is expected to be collected in January 2018. Account Name Dr. Cr d. On December 31, 2017, Microsoft signed a contract to provide a customized anti-virus software to a small financial firm and collected fees in advance, amounting to S50,000. Account Name Dr. Cr