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Use the following transactions to answer questions 17-19 Determine the amount of revenue or expense that would be reported at the time of the
Use the following transactions to answer questions 17-19 Determine the amount of revenue or expense that would be reported at the time of the transaction under the two methods. An example transaction has been completed for you. Example: Purchased office supplies for cash, $440 Transaction Accrual-basis Cash-basis Revenue Expense Revenue Expense example Purchased office supplies for cash, $440 (no accrued expense, hasn't been used yet...cash flowed for the operating cost so it's a cash expense) $0 $0 $0 $440 17. Issue common stock for $500,000 18. Received $3,000 from customers who were previously billed. Incurred $500 of utilities costs in the 19. current month but have not paid yet.
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