Business, 28.01.2020 04:31 linkaye3031

(entries using different bases of accounting)a. record each of the following transactions on (1) the cash basis, (2) the modified accrual basis, and (3) the accrual basis. january 1 billed customers $4,000 for services rendered.3 purchased $500 of supplies on account5 purchased a truck costing $30,000 (to be paid for on february 3).11 collected $2000 from customers on account-15 recorded accrued wages to date, $3,000.17 paid for supplies.21 paid wages. february 3 paid for the truck5 $200 of supplies have been used.6 depreciation on the truck for the month was $500.

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Answer from: noahalderman83

The Cash Basis

Sr. No Account Dr. Cr.

Jan 15. Cash $ 2000

Account Receivable $ 2000

Received Cash from Customers

Jan 17. Supplies $ 500

Cash $ 500

Payment for supplies

Jan 21 Wages $3000

Cash $ 3000

Wages Paid

Feb 3 Truck $ 30,000

Cash $ 30,000

Payment of truck

Feb 6 Depreciation Expense $ 500

Truck Accumulated depreciation $ 500

Under Cash basis the asset is capitalized and depreciation is adjusted as an expense

Modified Accrual Basis Of Accounting

Sr. No Account Dr. Cr.

Jan 3 Supplies $ 500

Accounts Payable $ 500

Bought supplies on credit

Jan 5 Truck $ 30,000

Accounts Payable $ 30,000

Purchased truck on credit

Jan 11. Cash $ 2000

Service Revenue $ 2000

Received Cash from Customers

Jan 15 Wages Expense $ 3000

Wages Payable $ 3000

Jan 17. Accounts Payable (Supplies) $ 500

Cash $ 500

Payment for supplies

Jan 21 Wages Payable $3000

Cash $ 3000

Wages Paid

Feb 3 Accounts Payable(Truck) $ 30,000

Cash $ 30,000

Payment of truck

Feb 5 Supplies Expense $ 200

Supplies $ 200

$200 of the supplies have been used up

Feb 6 Truck Expense $ 500

Truck $ 500

Depreciation is not recorded it is deducted as an expense from the asset account

Accrual Basis Of Accounting

Sr. No Account Dr. Cr.

Jan 1 Account Receivable $ 4000

Services Revenue $ 4000

Billed customers for rendering services

Jan 3 Supplies $ 500

Accounts Payable $ 500

Bought supplies on credit

Jan 5 Truck $ 30,000

Accounts Payable $ 30,000

Purchased truck on credit

Jan 11. Service Revenue ( Cash ) $ 2000

Account Receivable $ 2000

Received Cash from Customers

Jan 15 Wages Expense $ 3000

Wages Payable $ 3000

Jan 17. Accounts Payable (Supplies) $ 500

Cash $ 500

Payment for supplies

Jan 21 Wages Payable $3000

Cash $ 3000

Wages Paid

Feb 3 Accounts Payable(Truck) $ 30,000

Cash $ 30,000

Payment of truck

Feb 5 Inventory $ 200

Supplies $ 200

$200 of the supplies have been used up

Feb 6 Depreciation Expense $ 500

Truck Accumulated depreciation $ 500

Answer from: Quest

C. piggy bankbecause everything has interest rates over a period of time whereas a personal keeping of money has no other interaction therefore no interest rates.
Which of the following will typically offer zero interest rate?

Which of the following will typically offer zero interest rate?

Answer from: Quest

answervulnerability assessment;

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