solve the problem a-q
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 occurred in January a. McGraw-Hill Education uses $2.772 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 $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 $390,500 in salaries for the two weeks ended January 7. Answer from Dell's standpoint d. The University of Florida orders 77,000 season football tickets from its printer and pays $7,720 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 710 accounting texts at a cost of $98 each. The terms indicate that payment is due within 30 days of delivery During the last week of January, the campus bookstore sold 580 accounting texts received in (@) at o sales price of $150 each. 9. Fucllo Automotive Group pays its salespersons S14,600 In commissions related to December automobile sales. Answer from Fucillo's standpoint h. on January 31, Fucllo Automotive Group determines that it will pay its salespersons $15420 in commissions related to January sales. The payment will be made in early February, Answer from Fucillo's standpoint A new gris purchased and installed at a Wendy's restaurant at the end of the day on January 31, a $14,250 cash payment is made on that day J.Destiny USA (formerly Carousel Mal in Syracuse, NY) hod janitorial supplies costing $4,300 in storage. An additional $3,500 worth of supplies was purchased during January. At the end of January, 51,570 worth of Janitorial supplies remained in storage kAn lowo State University employee works eight hours, et $17 per hour, on January 31, however, payday is not until February 3, Answer from the university's point of view. Wang Company pold $3,000 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 $550 and charges the amount on account n. Hass Company, o form equipment company, receives its phone bill at the end of January for S292 for January colls. The bill hos not been paid to date 0. Martin Company receives and pays in January a 51.345 invoice (billy from a consulting Answer from Martin's standpoint P Parillos Toxi Company pays a $685 invoice from a consulting firm for services received and recorded in December 9. PVH Corp, manufacturer of IZOD, ARROW, Van Heusen Calvin Klein, and Tommy Hilfiger apparel, completes production of 1.800 man shins ordered by Macy's department stores at a cost of 580 each and delivers the order. Answer from PVH Corps standpoint for services received in January Required: For each of the transactions. It an expense is to be recognized in January, indicate the expense account title and the amount expenses not recognized choose "None" Answer is complete but not entirely correct. Expense Account Allected Amount of Expo Incurred in Januray
