Small Company Rendered Services to Customers Amounting to $6,000 During

Essay

Small Company rendered services to customers amounting to $6,000 during 20X1; the related cash was collected as follows: $4,000 in 20X1; $2,000 in 20X2. During 20X1, $3,000 was incurred for wages expense; the related cash payments were made as follows: $1,200 in 20X1; in 20X2, $1,800. Based only on these data, provide the following amounts on accrual basis: $$\begin{array} { | l | l | l | } \hline \text { Amount to be reported for: } & 20 X 1 & 20X 2 \\\hline \text { Revenue } & \$ & \$ \\\hline \text { Expense } & \$ & \$ \\\hline\end{array}$$