Solution-Show the total amount of revenue and expense

Show the total amount of revenue and expense recognized

Reference no: EM131695191

Question - The following transactions for Carleton Company occurred during January 2016:

Jan.	1	Purchased a two-year insurance policy for cash, $8,400
	4	Paid utilities bill received December 2015, $450
	9	Performed a service on account, $1,200
	16	Paid bimonthly salary to employees, $2,700
	21	Received $800 from a customer on account
	25	Received $600 from January 9 transaction
	30	Prepared the adjusting entry for insurance from January 1 transaction
	30	Accrued wages of $2,750

Show the total amount of revenue and expense recognized under both the accrual basis and cash basis of accounting.

Reference no: EM131695191

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Show the total amount of revenue and expense recognized

Reference no: EM131695191

Reference no: EM131695191

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