MST 20A Lecture 8: Lecture 8- to his scribe adam
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Lecture 8 – to his scribe Adam
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Adam elects the accrual method of accounting for his business.What amount of deductions does Adam recognize in year 0 for thefollowing transactions? (Leave no answers blank. Enter zeroif applicable.) 1) On December 1 of year 0, Adam paid $972 for a one-yearcontract with CleanUP Services to clean his store. The agreementcalls for services to be provided on a weekly basis. 2) Adam was billed $510 for annual personal property taxes onhis delivery van. Because this was the first time Adam was billedfor these taxes, he did not make payment until January. However, heconsiders the amounts immaterial. | ||
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