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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 79
Reporting Cash Basis versus Accrual Basis Income
Mostert Music Company had the following transactions in March:
a. Sold music lessons to customers for $10,000; received $6,000 in cash and the rest on account.
b. Paid $600 in wages for the month.
c. Received a $200 bill for utilities that will be paid in April.
d. Received $1,000 from customers as deposits on music lessons to be given in April.
Complete the following statements for March:
Mostert Music Company had the following transactions in March:
a. Sold music lessons to customers for $10,000; received $6,000 in cash and the rest on account.
b. Paid $600 in wages for the month.
c. Received a $200 bill for utilities that will be paid in April.
d. Received $1,000 from customers as deposits on music lessons to be given in April.
Complete the following statements for March:
Explanation
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Cash basis: This is a basis of accountin...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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