Identify each of the following events as Accrual, Deferral or Neither. a. Incurred operating expenses on account. b. Paid cash for utilities expense. c. Collected $100,000 in advance for services to be performed over next 3 months. d. Paid cash to purchase supplies. e. Recorded expense for salaries owed to employees at the end of the period. f. made cash distribution to the owner. g. provided services on account. h. recognized interest on a note payable before cash is paid i. paid one year's rent in advance j. Purchased a computer with a 3-year life k. Collected deposits from costumers l. Invested vehicle for business use m. Paid salaries n. Recieved water bill for the month o. Purchased a 2-year insurance premium.
Identify each of the following events as Accrual, Deferral or Neither.
a. Incurred operating expenses on account.
b. Paid cash for utilities expense.
c. Collected $100,000 in advance for services to be performed over next 3 months.
d. Paid cash to purchase supplies.
e. Recorded expense for salaries owed to employees at the end of the period.
f. made cash distribution to the owner.
g. provided services on account.
h. recognized interest on a note payable before cash is paid
i. paid one year's rent in advance
j. Purchased a computer with a 3-year life
k. Collected deposits from costumers
l. Invested vehicle for business use
m. Paid salaries
n. Recieved water bill for the month
o. Purchased a 2-year insurance premium.
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