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Explain what is the accrual basis of accounting

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Reference no: EM132671347

Problem 1: What is the accrual basis of accounting? When should revenue and expense be recognized in the accrual basis? Provide an example

Problem 2:  explain the purpose and the importance of the income statement, and prepare the income statement for ABC company based on the following information taken from the trial balance in 2019

Rental revenue 30,000

Supplies expense 5,000

Rent expense 20,000

Wages expense 30,000

Reference no: EM132671347

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