Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Classify each of the following events as either, a revenue, expense or neither. You should also describe why it is classified as a revenue, expense or neither.

a. Spencer provides services to a client. The client had agreed up front that they would give Spencer capital stock in lieu of cash for his service.

b. Spencer provides $800 in services to client and sends the client the bill.

c. Spencer receives the utility bill for electricity in the mail

d. Spencer transfers $100 to his personal checking account

e. Spencer receives the water bill and pays it immediately with a check

f. Spencer hires a student to run errands for the business. The student has worked the last two weeks, with today being the end of the pay period.

g. Spencer provides $500 in services to a client who pays in cash.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M947848

Have any Question? 


Related Questions in Accounting Basics

- discuss the pros and cons of leasing vs purchasing a

- Discuss the pros and cons of leasing vs purchasing a fleet of business vehicles for a client's business, (assume the loan rate on purchasing the vehicles is 6% and the implicit interest rate in the lease is also 6%). - ...

Review the provisions of the sarbanes-oxley act of 2002 to

Review the provisions of the Sarbanes-Oxley Act of 2002 to address the accounting scandals in the late 1990s and early 2000s (Enron, WorldCom, etc.). Identify the provisions that you believe made the most significant imp ...

Your city has decided to build a new library the projected

Your city has decided to build a new library. The projected cost is $2 million. A bond issue for $1.2 million has been authorized, and the remainder is supposed to come from a contribution of $800,000 from the general fu ...

Accounting theory and contemporary issues individual case

Accounting Theory and Contemporary Issues Individual case study Assignment Learning Outcomes-  Research and argue a position in regard to a contemporary issue in the accounting profession Evaluate the different areas of ...

Assignment managerial accountingbackgroundperformance

Assignment: Managerial Accounting Background: Performance Drinks, LLC is owned by Dave N. Port. Performance Drinks produces a variety of sports centered drinks. They began operations in 1993 shortly after Mr. Port gradua ...

Problem 1bart exchanges some real estate basis of 80000 and

Problem 1 Bart exchanges some real estate (basis of $800,00 and fair market value of $1 million) for other real estate owned by Roland (basis of $1.2 million and fair market value of $900,00) and $100,000 in cash. The re ...

Accounting questions1 if cash is 2345 in 20x2 and 3671 in

Accounting Questions 1. If Cash is $2,345 in 20X2 and $3,671 in 20X1, what is the percentage of increase or (decrease) from 20X1 to 20X2? A. 56.55%******* B. (56.55%) C. 36.12% D. (36.12%) 2. Gross profit by department a ...

Assignemntpart 11the type of business organization that can

Assignemnt Part 1 1. The type of business organization that can continue indefinitely is known as a: a. sole proprietorship. b. partnership. c. corporation. d. None of the above answers are correct. 2. The purpose of the ...

Question 1 ldquoaccountancy is an information systemrdquo

Question 1. “Accountancy is an Information System”. Do you agree? Substantiate your answer with reasons. How does an Accountant help in planning and controlling a large commercial organization? Explain.    Question 2. Th ...

Accountingnorthwest fur co started 2016 with 114000 of

Accounting Northwest Fur Co. started 2016 with $114,000 of merchandise inventory on hand. During 2016, $410,000 in merchandise was purchased on account with credit terms of 2/15, n/45. All discounts were taken. Purchases ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen