Return to question 2 Under accrual basis accounting, expenses are recognized when incurred, which means the activity giving rise to the expense has occurred. Assume the following transactions occurred in January. Required: For each of the transactions, if an expense is to be recognized in January, indicate the amount. Answer is not complete. Activity Amount a. Dugg paid its computer service technicians $125,500 in salary for work done in January. Answer from Dugg's standpoint b. At the beginning of January, Turner Construction Company paid $4,350 in rent for February-Apri c. McGraw-Hill Education-publisher of this textbook-used $3.350 worth of electricity and natural gas in January, which it has not paid or recorded. d. Pooler Company received and paid in January a $3,600 invoice from a consulting firm for services received in January e. The campus bookstore received consulting services at a cost of $7,200. The terms indicate that payment is due within 30 days of the consultation. Schergevitch Incorporated had its delivery van repaired in January for $230 and charged the amount on account. 125,000 < Prev 2 of 4 Next >