Safe Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. On December 31, Safe Home has collected $700 from cash-paying customers. Safe Home’s remaining customers owe the business $1,900. What is the accrual basis?

Q: iven a bill, and the customer mails in a cheque for payment on December 5th. he dress shop receives…

A: Under the accrual basis of accounting, revenues and expenses are recognized in the period in which…

Q: Ernie Gilmore Began working as a part-time later on June 1, 2019 at Sporthaus restaurant. The cash…

A: OASDI: OASDI stands for Old-Age, Survivors, and Disability Insurance. This is commonly known s…

Q: An employee is paid every two weeks. She worked the last week of December and the first week of…

A: The cash basis of accounting recognizes revenues when cash is received and recognizes expenses when…

Q: and agreed to pay the remaining within 25 days. v. On April 10, Pearson & Co. received $4,000 from…

A: "Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts…

Q: Part of the Fry’s Electronics, Inc. ’s experience involves providing technical support to its…

A: Financial Transactions:- A financial transaction refers to the agreement between the buyer and the…

Q: Bentong Consultancy has provided the following information regarding cash payments to its employees…

A: According to the accrual concept, expenses are recorded when these are incurred and not when these…

Q: Safe Home provides house-sitting for people while they are away on vacation. Some of its customers…

A: Accrual basis: Accrual basis is a method of accounting. In this method recording of revenues are…

Q: Mr. Ponce is an employee of XYZ Trading. For the month of June, Ponce received the following from…

A: All amount paid to Employee is included in the gross income. However if any allowance or…

Q: Eli owns an insurance office, while Olivia operates a maintenance service that provides basic…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Mr X enrolls in a 12-month customer service assistance program for a computer software from CYBER…

A: Revenue recognition principle is based on the accrual concept. It states that when the revenue is…

Q: I am having trouble figuring out how to enter the journal entries for a rebate: So the first…

A: A purchaser receives two types of discounts(rebates) from the supplier. Trade Discount and early…

Q: Your friend, Dean McChesney, requested that you advise him on the effects that certain transactions…

A: 1.) Attached above are the t-accounts prepared by recording transactions with letters. The closing…

Q: aylor’s transactions for November are as follows: Nov. 1 Paid rent, $300. 2 Purchased tailoring…

A:

Q: An entity has two office employees Ben and Dan who earn P250 and P400 per day, respectively. They…

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…

Q: You habe a business where you babysit for people in your local area.Some of your customers pay you…

A: Introduction: Under accrual method of accounting, all items of income and expenses are recorded in…

Q: On the last day of the fiscal year, a co-worker asks you to cut a check for $2,000 as a…

A: Matching Principle is the principle of accounting which states that all the costs relating to the…

Q: Comparing cash and accrual basis accounting for revenues Protection Home provides house-sitting for…

A: Cash basis of accounting: As per the cash-basis accounting, the revenues, and the expenses are…

Q: Eric Sherm began working as a part-time waiter on April 1, 20--, at Yardville Restaurant. The cash…

A: Taxable income:-It is an income that is liable for tax payment as per the slab rate prescribed in…

Q: f a customer owed your company $100 on the first day of the month, then purchased $200 of goods on…

A: The normal balance of customer's account is credit balance, And if the amount is paid by the…

Q: Comparing cash and accrual basis accounting for revenues Protection Home provides house-sitting for…

A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…

Q: Jake owns a lawn maintenance company, and Luke owns a machine repair shop. For the month of July,…

A: Journal Entry: Journal is the first place where a transaction is recorded. It contains record of…

Q: June 1 – Hazel prepaid for insurance for the remaining 7 months of the year. The total premium paid…

A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into…

Q: Wilson Consulting has provided the following information regarding cash payments to its employ-ees…

A: As per matching principle, income and expenses related to that particular period should be recorded…

Q: uppose you have a business where you house-sit for people while they are away on vacation. Some of…

A: Cash system of accounting means where all expenses , losses , income and gain are recognized on the…

Q: Protection Home provides house-sitting for people why they are away on vactation. Some of its…

A: Under the Cash Basis of Accounting, revenue is considered only when the actual amount is received…

Q: Adika is a street vendor selling pempeks from a small stall near a very market. The business is very…

A: According to the Accrual concept of accounting, the business entity is required to record the…

Q: Jack is a lawyer who requires that his clients pay him in advance of legal services being rendered.…

A: Revenue earned during January = 8,000 x 75% = 6,000

Q: Employees at Tamarisk, Inc. are paid $15600 cash every Friday for working Monday through Friday. The…

A: Amount paid on friday (5 days) = $15600 Per day amount  $15600/5 =$3120

Q: Employees at Sheffield Corp. are paid $15900 cash every Friday for working Monday through Friday.…

A: As per the accrual concept of Accounting, 3 days salaries expense i.e. must get recorded on Dec 31…

Q: Following are some transactions and events of Business Solutions.   Feb.   26   The company paid…

A: Payroll refers to the sum of money received as a form of payment to the employees which is paid  by…

Q: Your friend, Dean McChesney, requested that you advise him on the effects that certain transactions…

A: T-account refers to a set of financial records that uses the method of double-entry bookkeeping. It…

Q: Seashore Home provides house-sitting for people while they are away on vacation. Some of its…

A: given that, On December 31, Seashore Home has collected $500 from cash-paying customers Seashore…

Q: Consider the following events for Henkle Decorating, Inc.: March 3 Henkle signs a contract to…

A: Under Accrual basis accounting, Henkle should record revenue for decorating services only when the…

Q: S. Waweru starts business on 1st July 2020, when he deposits  Shs. 18,000 into his business bank…

A: Legers shows the ending balance of account that are transferred to trial balance for preparation of…

Q: A business sells $100 worth of goods to a customer, the customer pays $50 in cash immediately and…

A: We have the following information: Goods worth: $100 Customer pays $50 in cash immediately…

Q: Eric Sherm began working as a part-time waiter on April 1, 20--, at Yardville Restaurant. The cash…

A: OASDI refers to Old-Age, Survivors, and Disability Insurance and HI refers to Hospital Insurance and…

Q: On January 10, Molly Amise uses her Concord Corporation credit card to purchase merchandise from…

A: The entries on Concord corporation's books related to the transactions that occurred on January 10,…

Q: Emma Company sells services for $888 cash and $1,384 on account this month. Emma Company also pays…

A: Total sales related to this month = $888 + $1,384 = $2,272   Total expense related to this month =…

Q: On October 3, Ken steele, a carpenter, received a cash payment for services previously billed to a…

A: Journal entry is a set of economic events which can be measured in monetary terms. These are…

Q: [The following information applies to the questions displayed below.] Nancy operates a business that…

A: Accrual accounting seems to be a technique of accounting in which income and costs are recorded at…

Q: For each of the following unrelated scenarios, show total expenses reported on the income statement…

A: As per the accrual base accounting system expenses are incurred when they are incurred irrespective…

Q: i am doing chart of accounting general journal, question is   4/30       Reimbursed one of the…

A: General Journal: In order for transactions to happen according to the year the general journal…

Q: CPA Jetter is a self-employed accountant and is required to take a week of continuing accounting and…

A: Education Expenses : Education which is required by law to meet standard beyond minimum requirements…

Q: Assume an employee has a meeting with a potential client. The employee spends P2,500 on airfare,…

A: Out of pocket cost: Out of pocket cost is the amount of office or work related charges which are…

Q: A service provider had the following income during the month: Fees, paid in cash and checks Fees,…

A: An out-of-pocket expense is a payment you make with your own money even if you are reimbursed later.…

Q: Safe Home provides house-sitting for people while they are away on vacation. Some of its customers…

A: Lets understand the basics. There are two type of system follows by the entity which are, (1) Cash…

Q: Review the following transactions, and prepare any necessary journal entries. On July 16, Arrow…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is