26 Feb The following information describes transactions f
The following information describes transactions for Morgenstern Advertising Company during July:a. On July 5, Morgenstern purchased and received $21,500 of supplies on credit from Drexel Supply Inc. Morgenstern paid $18,500 cash to Drexel and used $16,200 of the supplies during July.b. Morgenstern paid $9,600 to salespeople for salaries earned during July. An additional $1,610 was owed to salespeople at July 31 for salary earned during the month.c. Paid $1,900 to the local utility company for electric service. Electric service in July was $1,650 of the $1,900 total bill.Required:Calculate the amount of expense recognized in July under(a) The cash-basis of accounting and(b) The accrual-basis of accounting.
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