Use the drop down menus to indicate whether each of the following events would be recorded as revenues or expenses at the time it happens under accrual basis and cash basis accounting methods Event Accrual Basis Cash Basis September Receive cash in advance from customers for services to be performed in November selectRecord revenueDo not record revenue selectRecord revenueDo not record revenue October Purchase supplies totaling $10,000 on account selectRecord expenseDo not record expense selectRecord expenseDo not record expense November Receive cash for services performed in November selectRecord revenueDo not record revenue selectDo not record revenueRecord revenue November Perform services for customers who paid in advance during October selectRecord revenueDo not record revenue selectRecord revenueDo not record revenue December Pay cash for the supplies that were purchased in October selectRecord expenseDo not record expense selectRecord expenseDo not record expense

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Posted on Oct 03, 2024

Use the drop-down menus to indicate whether each of the following events would be recorded as revenues or expenses at the time it happens under

Use the drop-down menus to indicate whether each of the following events would be recorded as revenues or expenses at the time it happens under accrual-basis and cash-basis accounting methods.

Event	Accrual-Basis	Cash-Basis
September: Receive cash in advance from customers for services to be performed in November.	selectRecord revenueDo not record revenue	selectRecord revenueDo not record revenue
October: Purchase supplies totaling $10,000 on account.	selectRecord expenseDo not record expense	selectRecord expenseDo not record expense
November: Receive cash for services performed in November.	selectRecord revenueDo not record revenue	selectDo not record revenueRecord revenue
November: Perform services for customers who paid in advance during October.	selectRecord revenueDo not record revenue	selectRecord revenueDo not record revenue
December: Pay cash for the supplies that were purchased in October.	selectRecord expenseDo not record expense	selectRecord expenseDo not record expense