Revenues are normally recognized when goods or services have been provided and payment

Revenues are normally recognized when goods or services have been provided and payment or promise of payment hasbeen received. Expense recognition is guided by an attempt to match the costs associated with the generation of thoserevenues to the same time period. The following transactions occurred in January 2016:a. McGraw-Hill Education uses $3.800 worth of electricity and natural gas in its headquarters building for which it has notyet been billed.b. At the beginning of January, Turner Construction Company pays $963 for magazine advertising to run in monthlypublications each of the first three months of the year.c. Dell pays its computer service technicians $403,000 in salaries for the two weeks ended January 7. Answer from Dell'sstandpoint.d. The University of Florida orders 60,000 season football tickets from its printer and pays 58.340 in advance for thecustom printing. The first game will be played in September. Answer from the university‘s standpoint.e. The campus bookstore receives 500 accounting texts at a cost of $95 each. The terms indicate that payment is duewithin 30 days of delivery.f. During the last week of January. the campus bookstore sold 500 accounting texts received in ( e ) at a sales price of $130each.j. Carousel Center Mall had janitorial supplies costing $3,500 in storage. An additional $2,600 worth of supplies waspurchased during January. At the end of January, $1,400 worth of janitorial supplies remained in storage.lc An Iowa State University employee works eight hours, at $15 per hour, on January 31; however, payday is not untilFebruary 3. Answer from the university‘s point of view.I. Wang Company paid $4,800 for a fire insurance policy on January 1. The policy covers 12 months beginning on January1. Answer from Wang’s point of view.m. Derek Incorporated has its delivery van repaired in Januaryfor $600 and charges the amount on account.n. Hass Company, a farm equipment company, receives its phone bill at the end of January for $154 for January calls. Thebill has not been paid to date.0. Martin Company receives and pays in January a 52034 invoice (bill) from a consulting firm for services received inJanuary. Answer from Martin’s standpoint.p. Parillo‘s Taxi Company pays a 5595 invoice from a consulting firm for services received and recorded in December.q. Phillips-Van Heusen Corporation, manufacturer of Izod, Arrow, Van Heusen, and Calvin Klein shirts, completesproduction of 450 men’s shirts ordered by Macy’s department stores at a cost of 510 each and delivers the order. Answerfrom Phillips-Van Heusen’s standpoint.Required:For each of the transactions, if an expense is to be recognized in January, indicate the expense account title and theamount. Ifan expense is not to be recognized in January, indicate why.g. Fucillo Hyundai, Inc., pays its salespersons 513.800 in commissions related to December automobile sales. Answer fromFucillo’s standpointh. On January 31, Fucillo Hyundai. Inc., determines that it will pay its salespersons 515.560 in commissions related toJanuary sales. The payment will be made in early February. Answer from Fucillo’s standpoint.i. A new grill is purchased and installed at a Wendy‘s restaurant at the end of the day on January 31: a 512.750 cashpayment is made on that day.