Score: 0 8 of 1 pt 53-4 (similar to) 106 (complete) HW Score: 60.57% 606 of 10 pts Assigned Media Question Het Suppose you houses for people wide they are away on con Most of your customers pay you im ately after you finish a job Abwask you to send them a bil it is nowne , and you have collected from cash paying customers. Your remaining customers owe you $1.00 How much service revenue would you have under the ( acas bases and accrual basis of accounting Which method of accounting provides more woman about your house sting business? Explain your answer How much service revenue would you have under the cash basis and accrual basis? Accrual basis oldu signed Media Momentos Occasions a photography Business that rent photo booths for parties. A group pad 51.000 in advance on March 3 to April 20. the balance of $1.500 was pard wantee series for its party to be held on the cost of the event was to be $2.500 Answer the following peshon about the correct application of the even recognitionerna a. Is the $1.000 reported as revenue on March 3? b. On what date was the revenue and c. Is the $1.500 reported as revenue on April 2017 a. Is the $1.000 reported as revenue on March 3? reported when the cash is received becaus And Media Identify the accounting assumption, or t hat goes the most deaction on how to count for each of the wings The owner of a business desire monthly financial statements to measure the progress of the ton geng Expenses of 50.000 must be accrued at the end of the pened to measure come properly A customer states her tention to switch travel agencies Should the newl y recorde d on thes Expenses of the penodol 56.000 This should be subtracted from compute the post e there for your For each situation, select the accounting concept of principle that goes the most direction on how to account for tha t is only one cone principle, select ana t he test Accounting Concepts) or Principles Time period assumption the second com a. ase from any drop-down it and then click Check Answer Write a memo to your supervisor explaining in your own words the concept of amonization as it is used in accounting Supervisor TO FROM SUBJECT (Student Name) The concept of amortation In business, property, plant, and equipment wears out as it is used to generate revenue leaving less and less of the asset's benefits for the Mure throughout the assets We, accountants gradually transfer part of the to an expense account called Amortization Expense The cumulative sum of all amortization expense for an asset appears in an account called Amortization is recorded to match the asset's expense with the periods the asset is uses in accordance with the Compute the amounts indicated by blank fields for each of the following Prepaid Rent situations. For situation A, make the needed journal entry. Consider each situation separately Compute the amounts that have been left blank Situation 5,400 20,400 Beginning Prepaid Rent Payments for Prepaid Rent during the year Total amount to account for Ending Prepaid Rent Rent Expense 22.000 Harley Carpentry had the following accounts and account balances after adjusting entines Assume Click the icon to view the account balances.) accounts him normal balances Prepare the wasted in balance for Harley Carpentry as of December 31, 2018 Equipment Accumulated amortion e n 2.500 Accounts payable Uties payable Uneamed revenue Harley, capital Harley, withdrawals Service revenue Salaries expense Amortization expense-equipment Supplies expense Unexpense