Accrual basis accounting based question

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Reference no: EM13259295

U.S. Political Consultants has been in existence for manyyears. During the month of November, the following events occurred:

1. The owner's contributed an additional 6,500 to thebusiness to finance an expansion of operations.

2. Consulting services totaling 11,000 were performed oncredit during November and billed to customers.

3. A loan in the amount of 25,000 was obtained from awealthy campaign contributor.

4. Expenses in the amount of 6,000 were incurred during themonth. One-third had been paid for by month end.

5. Cash of 18,500 was collected from customers for whomservices had been performed during September and October.

6. Services totaling 4,500 were performed for customers whohad paid in the previous month for the services.

U.S. uses accrual basis accounting. For which of the events above should revenue be recorded in November? In each case,how much revenue should be recorded? If an event does not involve revenue, specify why not?

Reference no: EM13259295

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