Reference no: EM132620961
Denise Kelly Began a cleaning supplies business in January 20X8, Kelly prepares monthly finacial statements and uses the accrual basis of accounting. The following transactions happened
Jan 14 - Bought cleaning supplies on account for Jodi Jetson for $35, with payment due in 90 days
Feb 3 - Performed a job on account for jodi jetson for $35, collectible from jetson in 30 days, used all cleaning supplies purchased on jan 14
Mar 16 - Collected the $35 recievable from Jetson
Apr 22 - Paid the $28 owed to the supplier from the Jan 14 transaction
Required -
Question 1: In which month should kelly record the cost of the cleaning supplies as an expense - Jan, Feb, March Or April (MCQ)
Question 2: In which month should kelly report the $35 revenue on the company's income statement? - Jan, Feb March or April (MCQ)
Question 3: If kelly company uses the cash basis of accounting instead of accrual basis, in which month will it report revenue and in which month will it report expense -
a - FEb and Feb ,
b March and april,
c - feb and april or
d - March and feb
Question 4: in which month should revenue be recorded ?
a - in the month that goods are ordered by the customer,
b - in the month that cash is collected from the cust,
c - in the month that the invoice is mailed to the customer,
d - in the month that goods are shipped to the customer
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