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    Accrual Basis vs. Cash Basis

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    Cost recovery method

    Historically, 55% of sales are collected in the year of the sale, 30% in the following year, and 10% in the 3rd year. Assuming collections are as projected, give the journal entries for the years 2004-2007, assuming the cost recovery method. (Ignore provision for bad debts). Prepare a table comparing the gros

    GEE Company: Determine accrual and cash basis revenue for magazine publisher

    E2 - 1 Determine accrual - and cash - basis revenue In November 2005 GEE Company, a newly organized magazine publisher, received $36,000 for 1,000 three year subscription at $12.00 per year, starting January 2006 issues of the magazine. Required: Provide answer and reason for answer How much should GEE report in it

    Daisy Political Consultants has been in existence for many years.

    Daisy Political Consultants has been in existence for many years. During the month of November, the following events occurred. 1) The owners contributed an additional $6,500 to the business to finance an expansion of operations. 2) Consulting Services totaling $11,000 were performed on credit during November and billed t

    Effect of transactions on measurements (cash, accrual)

    For each of the following transactions, indicate by what amount each of these types of measurements would be affected. Use parentheses to indicate that an event would cause a decrease. If an event does NOT involve an operating activity, place a zero in the spaces provided. The time period covered is the current month.

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