During June, Thuy Bui’s business performed services for a specific customer for which the fee was $5,000. Payment was received in the following month July. Required: Was the revenue earned in June or July? How is profit determined under the cash basis of accounting and the accrual basis of accounting? What journal entries should be recorded under accrual accounting in June and July What journal entries should be recorded under cash accounting in June and July?

For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loan

hh. Subject:- Accounting  On December 31, the company purchases equipment for $10,000 and pays for the purchase in cash.Complete the necessary journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.

The following revenue transactions occurred during November: Nov. 3.   Issued Invoice No. 73 to Darcy Co. for services provided on account, $436.   12.   Issued Invoice No. 74 to Garrison Enterprises for services provided on account, $153.   28.   Issued Invoice No. 75 to Kingston Inc. for services provided on account, $703. Record these three transactions in the following revenue journal. REVENUE JOURNAL DATE Invoice No. Account Debited Post. Ref. Accounts Rec. Dr.Fees Earned Cr. Nov. 3 fill in the blank 1     fill in the blank 3 Nov. 12 fill in the blank 4     fill in the blank 6 Nov. 28 fill in the blank 7     fill in the blank 9