Reference no: EM132666365
Academic Consultants Inc. had the following selected transactions in August 2016:
Aug. 1 Prepaid insurance for August through December, $1,000
4 Purchased software for cash, $800
5 Performed service and received cash, $900
8 Paid advertising expense, $300
11 Performed service on account, $3,000
19 Purchased computer on account, $1,600
24 Collected for the August 11 service
26 Paid account payable from August 19
29 Paid salary expense, $900
31 Adjusted for August insurance expense (see Aug 1)
31 Earned revenue of $800 that was collected in advance in July
Problem 1: Show how each transaction would be handled using the cash basis and the accrual basis.
Problem 2: Compute August income (loss) before tax under each accounting method
Problem 3: Explain which measure of net income or net loss is preferable.
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