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Calculate the amount of expense recognized in july

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Reference no: EM132480849

The following information describes transactions for Morgenstern Advertising Company during July:

Point 1: On July 5, Morgenstern purchased and received $24,300 of supplies on credit from Drexel Supply Inc. During July, Morgenstern paid $20,600 cash to Drexel and used $18,550 of the supplies.

Point 2: Morgenstern paid $9,600 to salespeople for salaries earned during July. An additional $1,310 was owed to salespeople at July 31 for salaries earned during the month.

Point 3: Paid $2,950 to the local utility company for electric service. Electric service in July was $2,300 of the $2,950 total bill.

Question 1. Calculate the amount of expense recognized in July under cash-basis accounting.

Question 2. Calculate the amount of expense recognized in July under accrual-basis accounting.

Reference no: EM132480849

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