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determining net income for the month of January

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Reference no: EM132251202

Questions -

Q1. What is the accrual basis accounting? When are the revenue and expenses recognized?

Q2. ABC Company started the business on Jan 1, 2019 and had the accounting record for the month ended January 31 2019 as follows:

  • cash sale $1,000
  • credit sale $500 --- cash was collected $200 on these accounts in January.
  • expenses were incurred $600, of which $400 was paid in January.
  • cash was received $100 for service to be performed in February.
  • cash was paid $1,200 on Jan 1 for 1 year insurance policy.

How much in each activity should be included in determining net income for the month of January? Explain.

Reference no: EM132251202

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