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Home / Questions / The following transactions for Carleton Company occurred during January 2010: 1Purchased

The following transactions for Carleton Company occurred during January 2010: 1Purchased

The following transactions for Carleton Company occurred during January 2010:

1Purchased a two-year insurance policy for cash, $8,400.

4Paid utilities bill received in December 2009, $450.

9Performed a service on account, $1,200.

16Paid bimonthly salary to employees, $2,700.

21Received $800 from a customer on account.

25Received $600 from January 9 transaction.

30Prepared the adjusting entry for insurance from January 1 transaction.

30Accrued wages of $2,750.

Required:  Show the amount of revenue and expense recognized for each transaction under both the accrual basis and the cash basis of accounting by completing the charts below.

ACCRUAL BASIS

Date

Revenue

Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH BASIS

Date

Revenue

Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec 07 2019 View more View Less

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