Solution-What is the proper amount of expenses that should

What is the proper amount of expenses that should recorded

Reference no: EM133147380

Question - Graystone Advertising's accountant noted the following items in the review of December's activity. What is the proper amount of expenses that should be recorded in the calendar year-end financial statements?

The $700 electric bill for December was received by the end of the month and will be paid in January.

The $3,000 rent for January was paid on December 31.

Sales employees earned $2,000 in commissions based on December sales, however the commissions will not be paid until January.

At the beginning of November, Graystone paid $2,100 for insurance coverage for November through January.

Reference no: EM133147380

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What is the proper amount of expenses that should recorded

Reference no: EM133147380

Reference no: EM133147380

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