The Canon Corporation sells ten copiers to the Title Company on October 15 for $40,000. Canon delivers the copiers to Title on October 20 and Title pays $16,000, agreeing to pay the balance on November 10. Using the accrual basis, which one of the following entries would properly record Canon's revenue recognition for October? Multiple Choice DR Cash 40,000 CR Copier sales 40,000 DR Cash 16,000 CR Copier sales 16,000 DR Cash 16,000 DR Accounts receivable 24,000 CR Copier sales 40,000 DR Accounts receivable 40,000 CR Copier sales 40,000 Hickory Furniture Company paid for the following costs during the month of May: Inventory purchase:s Advertising costs Delivery costs $40,000 8,000 2,000 Hickory sold $32,000 of the inventory and has agreed to pay warranty expenses for its customers. These are expected to be $1,600 and occur evenly over the next four months (i.e., starting in June) What is the amount of Hickory's cash-basis expenses for the month of May? Multiple Choice $33,600 $42,400 50,000 $51,600 Hickory Furniture Company paid for the following costs during the month of May: Inventory purchases Advertising costs Delivery costs $40,000 8,000 2,600 Hickory sold $32,000 of the inventory and has agreed to pay warranty expenses for its customers. These are expected to be $1,600 and occur evenly over the next four months (i.e., starting in June) What is the amount of Hickory's cash-basis expenses for the month of May? Multiple Choice $33,600 $42,400 $50,000 $51.600 Hickory Furniture Company paid for the following costs during the month of May: $40,000 Inventory purchases Advertising costs Delivery costs 8,900 2,000 Hickory sold $32,000 of the inventory and has agreed to pay warranty expenses for its customers. These are expected to be $1,600 and occur evenly over the next four months (i.e., starting in June) What is the amount of Hickory's May expenses when applying the matching principle? Multiple Choice S33,600 $42,400 $43,600 $50,000 The Canon Corporation sells ten copiers to the Title Company on October 15 for $40,000. Canon delivers the copiers to Title on October 20 and Title pays $16,000, agreeing to pay the balance on November 10. Under the cash basis, how much revenue should Canon recognize in October? Multiple Choice $o $16,000 $24,000 $40,000