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When would they recognize the expense of the supplies

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Reference no: EM132523021

Sooner Company has the following transactions:

May 1 Customer ordered an installation service to be done on May 15

May 2 Customer paid cash for the installation job to be done on May 15

May 8 Sooner Company purchased installation supplies on account for the job on May 15

May 15 Sooner started and completed the installation job

June 1 Sooner paid cash for the supplies that he picked up on May 8th

Using the above transactions, please answer the following questions with the proper date:

Question a. If Sooner uses the cash basis of accounting when would they recognize the expense of the supplies.

Question b. If Sooner uses the accrual basis of accounting when would they recognize the revenue from the installation.

Reference no: EM132523021

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