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Show the total amount of revenue and expense recognized

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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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