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Several transactions for halpin advertising company

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Accrual- and Cash-Basis Accounting The following are several transactions for Halpin Advertising Company.

a. Purchased $1,000 of supplies.

b. Sold $5,000 of advertising services, on account, to customers.

c. Used $250 of supplies.

d. Collected $3,000 from customers in payment of their accounts.

e. Purchased equipment for $10,000 cash.

f. Recorded $500 depreciation on the equipment for the current period.

Required:

Identify the effect, if any, that each of the above transactions would have on net income under cash-basis accounting and accrual-basis accounting

Reference no: EM132440587

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