Accrual and cash accounting the restaurant generated 55000, Ask an Expert

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Accrual and cash accounting.

The restaurant generated $55,000 in revenue, but only received $40,000.
Cost of food sold was $26,000, but only 70% was paid to the supplier.

How would I document accrual accounting for person number one and cash accounting for person number two?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91192418

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