Revenues are normally recognized when a company transfers promised goods or services to customers in the amount the company expects to receive. Expense recognition is guided by an attempt to match the costs associated with the generation of those revenues to the same time period. The following transactions occured in January McGraw-Hill Education uses $2,770 worth of electricity and natural gas in its headquarters building for which it has not yet been billed. b. At the beginning of January, Tumer Construction Company pays $963 for magazine advertising to run in monthly publications each of the first three months of the year. c. Dell pays its computer service technicians $389,500 in salaries for the two weeks ended January 7. Answer from Dell's standpoint. d. The University of Florida orders 65,000 season football tickets from its printer and pays $7.800 in advance for the custom printing. The first game will be played in September. Answer from the university's standpoint. e. The campus bookstore receives 680 accounting texts at a cost of $89 each. The terms indicate that payment is due within 30 days of delivery. f. During the last week of January, the campus bookstore sold 560 accounting texts received in (e) at a sales price of $130 each. g. Fucillo Automotive Group pays its salespersons $14,900 in commissions related to December automobile sales. Answer from Fucillo's standpoint. On January 31, Fucillo Automotive Group determines that it will pay its salespersons $15,950 in commissions related to January sales. The payment will be made in early February. Answer from Fucilo's standpoint A new grill is purchased and installed at a Wendy's restaurant at the end of the day on January 31; a $14,050 cash payment is made on that day. j. Destiny USA (formerly Carousel Mall in Syracuse, NY) had janitorial supplies costing $4,600 in storage. An additional $2,900 worth of supplies was purchased during January. At the end of January $1,580 worth of janitorial supplies remained in storage kAn lowa State University employee works eight hours, at $13 per hour, on January 31; however, payday is not until February 3. Answer from the university's point of view Wang Company paid $2.700 for a fire insurance policy on January 1. The policy covers 12 months beginning on January 1. Answer from Wang's point of view. m. Derek Incorporated has its delivery van repaired in January for $590 and charges the amount on account. n. Hass Company, a farm equipment company, receives its phone bill at the end of January for $372 for January calls. The bill has not been paid to date. o. Martin Company receives and pays in January a $1,485 invoice (bill) from a consulting firm for services received in January. Answer from Martin's standpoint p. Parlo's Tave Company pays a $725 invoice from a consulting firm for services received and recorded in December. 9. PVH Corp, manufacturer of ZOD, ARROW, Van Heusen, Calvin Klein, and Tommy Hilfiger apparel, completes production of 2,100 men's shirts ordered by Macy's department stores at a cost of $60 each and delivers the order. Answer from PVH Corp.'s standpoint. Required: For each of the transactions, if an expense is to be recognized in January, indicate the expense account title and the amount. (If expense is not recognized choose "None") Expense Account Affected Amount of Expense Incurred in Januray