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.)
Activity Amount
American Express paid its salespersons $5,100 in commissions related to standpoint On January 31, American Express determined that it will pay its salespersons early February. Answer from American Express's standpoint The city of Omaha hired Waste Management, Inc., to provide trash collection Answer from the city's standpoint The University of Florida paid $20,500 in advance for refundable airline tickets to in March. Answer from the university's standpoint. A Houston Community College employee worked eight hours, at $16 per hour view Wang Company paid $4,380 for a fire insurance policy on January 1. The policy a. December sales of financial advisory services. Answer from American Express's b. | $5.350 in commissions related to January sales. The payment will be made in c. services beginning January 1. The city paid $16.2 million for the entire year d. fly the baseball team to a tournament in California. The first game will be played e. on January 31; payday is not until February 3. Answer from the college's point of covers 12 months beginning on January 1. Answer from Wang's point of view Ziegler Company, a farm equipment company, received a phone bill for $465 of 9. January calls. The bill has not been paid to date.