Question

The following data are taken from the cash-basis accounting records of Myerson Company for the year ended December 31, 2021: Selected Data as of December 31, 2021 Customers billed in 2021 for services provided $ 460,000 Cash collections in 2021 for accounts billed in 2020 29,000 Cash collections in 2021 for accounts billed in 2021 200,000 Cash paid for supplies purchased in 2021 14,000 Supplies remaining at the end of 2021 2,200 Cash paid for salaries in 2021 11,000 Cash paid for annual rent on March 1, 2021 24,000 Calculate the amount of revenues and expenses for 2021 under accrual-basis accounting. (Round your final answers to the nearest whole dollar.)

Answer 1

Calculate the amount of revenues and expenses for 2021 under accrual-basis accounting.

Revenue 460,000

Supllies expenses 11,800

Salaries expenses 14,000

Step-by-step explanation:

1.

Db Account receivable_____________ 460000

Cr Services revenue_________________________ 460000 460000

2.

Db Cash__________________ 29000

Cr Account receivable_____________________ 29000

3.

Db Cash________________________ 200000

Cr account receivable___________________________ 200000

4.

Db Supplies______________________ 14000

Cr Cash_______________________________________ 14000

5.

Db Supplies expenses_____________ 11800 11800

Cr Supplies_____________________________ 11800

6.

Db Salaries expenses______________________ 14000 14000

Cr Cash_______________________________________ 14000

7.

Db Tax payable______________________ 24000

Cr Cash__________________________________ 24000