Revenues are normally recognized when goods or services have been provided and payment or promise of payment has been received. 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 events and transactions occurred in January 2017: a. A new grill is installed at a McDonald's restaurant. On the same day, payment of $14,000 is made in cash. b. On January 1, 2017, Carousel Mall has janitorial supplies costing $1,000 in storage. An additional $600 worth of supplies is purchased during January. At the end of January, $900 worth of janitorial supplies remains in storage. c. A Concordia University employee works eight hours, at $15 per hour, on January 31; however, payday is not until February 3. Answer from the university's point of view. d. Wang Company pays $3,600 for a fire insurance policy on January 2. The policy covers the current month and the next 11 months. Answer from Wang's point of view. e. Amber Incorporated has its delivery van repaired in January for $280 and charges the amount on account. f. Ziegler Company, a farm equipment company, receives its phone bill at the end of January for $230 for January calls. The bill has not been paid to date. g. Spina Company receives and pays in January a $2,100 invoice from a consulting firm for services received in January. h. Felicetti's Taxi Company pays a $600 invoice from a consulting firm for services received and recorded in accounts payable in December. i. Dell Inc. pays its computer service technicians $85,000 in salary for the two weeks ended January 7. Answer from Dell's standpoint. J. Turner Construction Company pays $4,500 in workers' compensation insurance for the first three months of the year. k. McGraw-Hill Ryerson Limited uses $1,200 worth of electricity and natural gas in its headquarters building for which it has not yet been billed.