You are the owner of Big M Conference Center. A 5-day conference was held at the Center on 1/30, 1/31, 2/1, 2/2, and 2/3. They pay $20,000 for the 5-day conference on 3/1. An employee is paid $400 per day, and worked all 5 days of the conference. She was paid $800 on 2/1, and $1,200 on 2/8. $3,000 of supplies were acquired in mid-January, and $2,500 of supplies were on hand at 1/31, and $1,500 of supplies at 2/28. The rest of the supplies purchased in January were used in March. Prepare a schedule to show what amount of revenue and expense should be recognized each month (January, February, and March) related only to the preceding information.

Question

Quizplus · Accepted Answer

The Answer of You are the owner of Big M Conference Center. A 5-day conference was held at the Center on 1/30, 1/31, 2/1, 2/2, and 2/3. They pay $20,000 for the 5-day conference on 3/1. An employee is paid $400 per day, and worked all 5 days of the conference. She was paid $800 on 2/1, and $1,200 on 2/8. $3,000 of supplies were acquired in mid-January, and $2,500 of supplies were on hand at 1/31, and $1,500 of supplies at 2/28. The rest of the supplies purchased in January were used in March. Prepare a schedule to show what amount of revenue and expense should be recognized each month (January, February, and March) related only to the preceding information.

You Are the Owner of Big M Conference Center