Cash versus accrual bases of accounting

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Reference no: EM131212020

Cash versus Accrual Bases of Accounting. The following events occurred at VG Consulting during the most recent month.

a. VG provided consulting services and billed clients $2000.

b. VG collected $1,500 for consulting services performed in the prior month.

c. VG paid its monthly electric bill of $300.

d. Employees who worked for VG were not paid for the services performed. Next month they will be paid $850.

e. VG collected fees of $700 for services to be performed in the following month.

For each event, determine the revenue or expense under the cash and accruall basis of accounting.

Reference no: EM131212020

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