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  3. value 1000 points e36 identifying accrual basis expenses lo 31...

Question: value 1000 points e36 identifying accrual basis expenses lo 31...

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value: 10.00 points E3-6 Identifying Accrual Basis Expenses [LO 3-1, LO 3-2 Under accrual basis accounting, expenses are recognized when incurred. The following transactions occurred in January Required For each of the transactions, if an expense is to be recognized in January, indicate the amount. (Enter your answers in dollars but not in millions.) American Express paid its salespersons $5,800 in commissions related to Expresss standpoint. On January 31, American Express determined that it will pay its salespersons early February. Answer from American Expresss standpoint. a. December sales of financial advisory services. Answer from American b. $6,900 in commissions related to January sales. The payment will be made in The city of Omaha hired Waste Management, Inc., to provide trash collection services beginning January 1. The city paid $19.2 million for the entire year. Answer from the citys standpoint. The University of Florida paid S15,000 in advance for refundable airline tickets c. d. to fly the baseball team to a tournament in California. The first game will be played in March. Answer from the universitys standpoint. A Houston Community College employee worked eight hours, at $21 per hour, e. on January 31; payday is not until February 3. Answer from the colleges point of view Wang Company paid S7,080 for a fire insurance policy on January 1. The f. policy covers 12 months beginning on January 1. Answer from Wangs point of g. Ziegler Company, a farm equipment company, received a phone bill for $455 of January calls. The bill has not been to date

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