Reference no: EM13863726
Expense Recognition: Applying U.S GAAP indicate the amount of expenses the firm recognizes during the months of june, july and august in each of the following hypothetical transactions. If you can please show a journal entry as well for each:
a. Pays $180,000 on July 1 for the one year’s rent on a warehouse beginning on that date
b. Receives a utility bill on July 2 totalling $4,560 for services received during June, It pays the utility bill during July
c. Purchase office supplies on account costing $12,600 during July. it pays 5,500 for these purchases during July and the remainder during august office supplies on hand in july 1 cost 2,400 on july 31 cost 9,200 and on ague 31 cost 2,900
d. Pays 2,000 on july15 as a deposit on a custom made delivery can that the manufactures will deliver on sept 30
e. Pays 2,000 on july 15 as an advance on the august salary of an employee
g. Pays 6,600 on july 25 fir advertisements that appeared in computer journals during June.
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