Expense recognition and accrual accounting

Assignment Help Accounting Basics

Reference no: EM13257312

Expense Recognition and Accrual Accounting

The local chapter of Helping Hands, a social service organization, had the following economic events occur during the month of May:

A luncheon honoring volunteers was held at a cost of $950. By month end the bill hadn't been received or paid.

New letter head and envelopes were printed at a cost of $625 andpaid for. The new items will not be used, however, until the old supply is exhausted sometime in June.

The executive director was paid her usual salary of $3,800 during May.

Prizes, ribbons, and rewards for events upcoming in July were delivered by the supplier, who charged $10,175. The amount was paid in cash.

The electric bill for April totaled $163 and was paid in full.

Radio, TV, and newspaper advertising related to a special fund-raising campaign ran during May. The 7,550 cost had been paid in April.

Reference no: EM13257312

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