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Read each December 2019 scenario below and indicate if Sam's Sporting Goods should recognize revenue, expense, or neither during December. Revenue Expense Neither a) Sam's
Read each December 2019 scenario below and indicate if Sam's Sporting Goods should recognize revenue, expense, or neither during December. Revenue Expense Neither a) Sam's Sporting Goods had apparel sales totaling $18,000 in December. b) On December 20, Sam's Sporting Goods sold sports equipment totaling $6,000 to a customer who agreed to pay Sam's Sporting Goods in January c) On December 5, Sam's Sporting Goods spent $13,000 cash to purchase new equipment. Sam's Sporting Goods paid $1,500 for an advertisement that appeared in The New York Times on December 28. e) Sam's Sporting Goods received its December water bill and plans to pay the bill in January. f) Sam's Sporting Goods received a $10,000 pre-order from a customer for athletic apparel to be delivered in 2020. On December 26, Sam's Sporting Goods hired an electrician to fix a broken light fixture. The electrician charged $120 and sent Sam's Sporting Goods a bill. h) Sam's Sporting Goods paid $2,000 for December rent. i) Sam's Sporting Goods used $250 of office supplies during December. j) On December 9, Sam's Sporting Goods purchased $1,000 of office supplies
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