The following situations are independent and assume the business uses accrual accounting.   (a)Sam Company completes a job for a customer for$4,000. The job was completed from June 15th. to July 15th. The customer pays Sam Company $1,000 on June 15th., $2,600 on July 15th and $400on September 1st. How much revenue should Sam Company record (accrue) in June, July & September? Explain your answer and show your calculations.   (c) On January 1st. an insurance company sells a one year insurance policy for $4,200 that willexpire on December 31. How much revenue should be accrued in each month from Jan to December.

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

Under accrual basis accounting, expenses are recognized when incurred, which means the activity giving rise to the expense has occurred. Assume the following transactions occurred in January: Required: For each of the transactions, if an expense is to be recognized in January, indicate the amount. Activity a. Dugg paid its computer service technicians $105,500 in salary for work done in January. Answer from Dugg's standpoint. b. At the beginning of January, Turner Construction Company paid $10,800 in rent for February-April. c. McGraw-Hill Education-publisher of this textbook-used $7,450 worth of electricity and natural gas in January, which it has not paid or recorded. d. Pooler Company received and paid in January a $4,200 invoice from a consulting firm for services received in January. e. The campus bookstore received consulting services at a cost of $5,150. The terms indicate that payment is due within 30 days of the consultation. f. Schergevitch Incorporated had its delivery van…

Under accrual basis accounting, expenses are recognized when incurred, which means the activity giving rise to the expense has occurred. Required: Assume the following transactions occurred in January. For each of the transactions, if an expense is to be recognized in January, indicate the amount. a b. At the beginning of January, Turnboldt Construction Company pays $4,650 in rent for February to April C d. e Transaction Gateway pays its computer service technicians $91,000 in salary for work done in January. Answer from Gateway's standpoint f Assume that McGraw-Hill Education-publisher of this textbook-uses $1,050 worth of electricity and natural gas in January for which it has not yet been billed. Pooler Company receives and pays in January a $1,550 invoice from a consulting firm for services received in January The campus bookstore receives consulting services at a cost of $5,100. The terms indicate that payment is due within thirty days of the consultation. Schergevitch…

Multiple predetermined overhead rates: calculated for each department by dividing total estimated manufacturing overhead cost by total actual units of the allocation base. O a. O b. makes job-order costing less accurate accounting for costs. O c. none of the given answers is correct. O d. are based on actual total manufacturing overhead costs are calculated at the beginning of the accounting perioc before the actual amount of manufacturing overhead is known. O e.

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just complete the part where it says assume Metlock CO. paid the balance on May 4th

The income statement for the month of June, 2021 of Stellar Enterprises contains the following information: Revenues $6900 Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Insurance Expense Total expenses Net income $2890 1560 800 300 100 5650 $1250 The entry to close the expense accounts includes a credit to Income Summary for $5650. debit to Salaries and Wages Expense for $2890. debit to Income Summary for $1250. credit to Rent Expense for $1560.