For each event, determine the amount of expense to be recorded, ...

[bobbysung]

For each event, determine the amount of expense to be recorded, even if 0, in May.
 
  May
  1. In June, Tom's Wear, Inc. received a 400 utility bill for services provided in May. The bill was paid in June.
  2. In April, Tom's Wear, Inc. paid 1,000 for an advertisement that was run in May.
  3. In April, Tom's Wear, Inc. paid a 100 dividend to its owner, Tom.
  4. On April 1, Tom's Wear, Inc. had no supplies. On April 30, it purchased 500 of supplies on account. In May, 100 of the supplies was used, and it paid the 500 owed for supplies. In June, the remainder of the supplies was used.
  5. On April 30, Tom's Wear, Inc. hired an employee for 500 per month to begin in May. The employee is paid on June 1 for the work performed in May.
  6. In April, Tom's Wear, Inc. purchased 500 of t-shirts. The t-shirts were sold in May and paid for in June.

Question 2

For the merchant, bank credit card sales are treated in a manner similar to
 a. sales on account.
   b. cash sales.
   c. installment sales.
   d. layaway sales.

[l.stuut]

Answer to Question 1

1. (400); 2. (1,000); 3. 0; 4. (100); 5. (500); 6. (500)

Answer to Question 2

b

[bobbysung]

YES! Correct, THANKS for helping me on my review

[bassamabas]

Great answer, keep it coming