The following information describes transactions for Morgenstern Advertising Company during July: On July 5, Morgenstern purchased and received $24,300 of supplies on credit from Drexel Supply Inc. During July, Morgenstern paid $23,630 cash to Drexel and used $7,450 of the supplies. Morgenstern paid $13,780 to salespeople for salaries earned during July. An additional $1,510 was owed to salespeople at July 31 for salaries earned during the month. Morgenstern paid $2,950 to the local utility company for electric service. Electric service in July was $2,300 of the $2,950 total bill. Required: 1.  Calculate the amount of expense recognized in July under cash-basis accounting. $ 2.  Calculate the amount of expense recognized in July under accrual-basis accounting.

Based on the following transactions, answer the following questions. i. ii. iii. iv. V. vi. vii. Purchased inventory with a cost of $28,300 on account. Sales on account to customers totalled $54,700. Payments made to employees for wages totalled $19,600. Cash collections from customers settling their accounts totalled $49,500. Invoice received from the utility company for $6,100 is due in 30 days. Payments totalling $19,500 were made to suppliers to settle part of the balance owing to them. Received a deposit of $1,800 from a customer for goods to be delivered next month.

Explainations would be apprectiated and I would also like help with formating.

Use the Adjusted Trial Balance Lion Consulting. (Note: I am including the Adjusted Trial Balance below in this question to use for questions 18-23 and 40-46, but it would be easier if you refer to the separate file I provided.)On the Income Statement, what would the Gross Profit be for Lion Consulting?  Lion Consulting  Adjusted Trial Balance June 30, 2019    Debit Balances Credit Balances Cash 92,000   Accounts Receivable 450,000   Merchandise Inventory 370,000    Estimated Returns Inventory 5,000    Office Supplies 10,000   Prepaid Insurance  12,000    Office Equipment 220,000      Accumulated Depreciation - Office Equip.   58,000 Store Equipment 650,000       Accumulated Depreciation - Store Equip.   87,500  Accounts Payable   38,500 Customer Refunds Payable    10,000 Salaries Payable   4,000 Note Payable (final payment due 2029)*   *140,000 M.T.…