The following are several transactions for Halpin Advertising Company. a. Purchased $1,000 of supplies. b. Sold $5,000
Question:
a. Purchased $1,000 of supplies.
b. Sold $5,000 of advertising services, on account, to customers.
c. Used $250 of supplies.
d. Collected $3,000 from customers in payment of their accounts.
e. Purchased equipment for $10,000 cash.
f. Recorded $500 depreciation on the equipment for the current period.
Required:
Identify the effect, if any, that each of the above transactions would have on net income under cash-basis accounting and accrual-basis accounting?
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