Reference no: EM132562308
Question - The following information describes transactions for Morgenstern Advertising Company during July:
1. On July 5, Morgenstern purchased and received $24,300 of supplies on credit from Drexel Supply Inc. During July, Morgenstern paid $23,630 cash to Drexel and used $14,010 of the supplies.
2. Morgenstern paid $10,820 to salespeople for salaries earned during July. An additional $2,810 was owed to salespeople at July 31 for salaries earned during the month.
3. Morgenstern paid $2,950 to the local utility company for electric service. Electric service in July was $2,300 of the $2,950 total bill.
Required -
1. Calculate the amount of expense recognized in July under accrual-basis accounting.
2. Calculate the amount of expense recognized in July under cash-basis accounting.
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