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Steven, M.Acc.
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Experience:  Instructor and accountant. Master's degree in Accounting.
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Fischers Golf School completed the following transactions

Resolved Question:

Fischer's Golf School completed the following transactions during July, 2012:

Jul 1 Prepaid insurance for July through September, $1,200
4 Performed services (gave golf lessons) on account, $2,300
5 Purchased equipment on account, $1,400
8 Paid property tax expense, $300
11 Purchased office equipment for cash, $1,700
19 Performed services and received cash, $800
24 Collected $500 on account
26 Paid account payable from July 5
29 Paid salary expense, $1,000 _.
31 Recorded adjusting entry for July insurance expense (see July 1)
31 Debited unearned revenue and credited revenue hi an adjusting entry, $800
1. Prepare journal entries for each transaction.
2. Using the journal entries as a guide, show whether each transaction would be
handled as a revenue or an expense, using both the accrual and cash basis, by
completing the following table.
Amount of Revenue (Expense) for July
Date Cash- Basis Amount Accrual- Basis Amount
of Revenue (Expense) of Revenue (Expense)
July 1

3. After completing the table, calculate the amount of net income or net loss for the company under the accrual and cash basis for July.
4. Considering your results from requirement 3, which method gives the best picture of the true earnings of Fischer's Golf School? Why?
Submitted: 6 years ago.
Category: Homework
Expert:  Steven, M.Acc. replied 6 years ago.

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Expert:  Steven, M.Acc. replied 6 years ago.
Please let me know if any of your questions weren't answered. Thanks!
Customer: replied 6 years ago.
For requirement 2 what about the transactions for July 1, 4 and 5
Customer: replied 6 years ago.
Can you please resend the answer in microsoft excel because it is difficult to open the file
Expert:  Steven, M.Acc. replied 6 years ago.
I will answer the question in an Excel file. Please give me some time. Thanks.
Expert:  Steven, M.Acc. replied 6 years ago.

You need to spend $3 to view this post. Add Funds to your account and buy credits.

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