Required Identify each of the following events as an accrual, a deferral, or nei

Question

Required Identify each of the following events as an accrual, a deferral, or neither: a. Paid cash in advance for a one-year insurance policy b. Paid cash to settle an a c. Collected accounts receivable t payable d Paid cash for current salaries expense e Paid cash to purchase supplies. f. Provided services on account g Provided services and collected cash h. Paid cash to purchase land Recognized accrued salaries at the end of the accounting period i Paid a cash dividend to the stockholders zed revenue on account at the end of the period Collected cash for services to be provided in the future

Explanation / Answer

Deferral involves postponing of recognizing revenue or expenses Accrual involves recongnizing of revenue or expense before cash is received or paid a Deferral b Neither c Neither d Neither e Deferral f Accrual g Neither h Neither i Accrual j Neither k Accrual l Deferral

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