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You signed contracts with 10 speakers for the conference. The total cost amounted to $20,000 and is payable within 30 days of the end of the conference.
Problem 1: When should the expense for the speakers be recorded on your org. income statements?
Problem 2: What is the effect on the financial statement (balance sheet and income) for Nov. and Feb?
Problem 3: You made dinner reservation at a local restaurant on one of the conference nights? You reserved buses to transport total cost $500, the company will bill 30 days upon completion of the conference, you have 30 days to pay bill after receiving it. what should the expense of the transportation be recorded as on your income statement?
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