Consider the following events for Sophia Incorporated: Under cash-basis accounting,what is the appropriate day to record the expenses related to the sand volleyball camp?

Question

Consider the following events for Sophia Incorporated:  Under cash-basis accounting,what is the appropriate day to record the expenses related to the sand volleyball camp?

Quizplus · Accepted Answer

Under cash basis accounting, expenses are recorded when they are actually paid. The expenses related to the sand volleyball camp were paid on April 23, so that is the appropriate day to record them.

Consider the Following Events for Sophia Incorporated: Under Cash-Basis