Revenues are normally recognized when a company transfers promised goods or services to customers in the amount the company. expects to be entitied 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. Assume that the following transactions occurred in January: a. McGraw-Hill Education uses $2,760 worth of electricity and natural gas in its headquarters building for which it has not yet been billed. b. At the beginning of January, Turner Construction Company pays $927 for magazine advertising to run in monthly publications each of the first three months of the year. c. Dell pays its computer service technicians $391,500 in salaties for the two weeks ended January 7. Answer from Dell's standpoint. d. lowa State University orders 77,000 football tickets from its printer and prepays $7,690 in advance for the custorn printing. The first game will be played in September. Answer from the university's standpoint. e. The campus bookstore receives 670 accounting texts at a cost of $109 each. The terms indicate that payment is due within 30 days of delivery. 1. During the last week of January, the campus bookstore sold 590 accounting texts received in (e) at a sales price of $130 each. g. Fuclilo Automotive Group pays its salespersons $13,700 in commissions related to December automoble sales. Answer from Fucilio's standpoint. h. On January 31, Fucillo Automotive Group determines that it will pay its salespersons $66,550 in commissions related to January sales. The payment will be made in early February. Answer from Fucillo's standpoint. i. A new grill is received and installed at a Wendy's restaurant at the end of the day on January 31, a $12,850 cash payment is made on that day to the grill supply company. Answer from Wendys standpoint 1. Mall of Amenca on Bloomington, MN) had janitorial supplies costing $5,800 in storage. An additional $2,700 worth of supplies was purchased during January. At the end of January, $1,500 worth of janitorlai supplies remained in storage. k. An Emory State University employee works eight hours, at $2.4 per hour, on danuary 31 , however, payday is not until February 3 Answer from the university's point of view. 1. Wang Compony paid $2700 for a fire insurance posicy on January, The policy covers 12 monats beginning on January. Answer from Wong's point of view. m. Derek incorporated has its delivery van repaired in January for $560 and charges the amount on hccount. n. Hass Compary, a farm equipment company, receives its phone bill at the end of January for $292 for January calls roe bill has not been paid to date. a. Martin Company receives and pays in January a $1,405 invoice (oili) from a consulting firm for services recelved in January Anwwer from Martin's standpoint q. PVA Corporation, manufacturer of IZOD, ARROW, Van Heusen, Colvar Klein, and Tommy tilfiger apparet aimong other branas. completes production of 2000 men's shirts ordered by Macy's department siores at a cost of stop each ond delivers ine Gider in January. Answer from PVi Corporation's standpoint n. Hass Company, a farm equipment company, receives its phone bill at the end of January for $292 for January calls. The bill has not been paid to date. 0. Martin Company recelves and pays in January a $1,405 invoice (bill) from a consulting firm for services recelved in January. Answer from Martin's standpoint. p. Parillo's Taxi Company pays a $685 invoice from a consulting firm for services received and recorded in December. q. PVH Corporation, manufacturer of IZOD, ARROW, Van Heusen, Calvin Klein, and Tommy Hilfiger apparel among other brands. completes production of 2,000 men's shirts ordered by Macy's department stores at a cost of \$100 each and delivers the order in January. Answer from PVH Corporation'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. Note: If expense is not recognized choose "None