Exercise 02.08 – Terrapin, Benson Company
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Record transactions for equipment, services, rent, supplies, salaries.
Record transactions for equipment, services, rent, supplies, salaries.
Provide an explanation for each transaction.
Record transactions for advertising, supplies, salaries, revenue, utility.
Record each transaction (stock, loan, equipment, advertising, revenue, salary).
Record each transaction (stock, loan, equipment, advertising, revenue, salary).
Assess whether the record transaction is correct or not.
For each situation, determine the date for which the company recognizes the revenue under accrual-basis accounting.
For each situation, determine the date for which the company recognizes the expense under accrual-basis accounting.
For each situation, determine the date for which the company recognizes revenue using cash basis accounting.
For each situation, determine the date for which the company recognizes the expense using cash-basis accounting.