Storemount Delivery Reports the Following Transactions for May 2019:
May

question 58

Essay

Storemount Delivery reports the following transactions for May 2019:
May 1 Purchased a two-year insurance policy for cash, $1,800.
9 Performed a service on account, $800.
16 Paid wages to employees, $950.
18 Completed a job for a customer and collected $600 cash.
23 Collected $500 of the amount owed from May 9.
30 Accrued wages of $650.
Show the amount of revenue and expense recognized for each transaction during May 2019 under both the cash basis and the accrual basis of accounting by completing the following chart.
Cash-Basis Accounting $$\begin{array} { | c | c | c | } \hline \text { Date } & \text { Revenue } & \text { Expense } \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline\end{array}$$ Accrual Accounting $$\begin{array} { | l | l | l | } \hline \text { Date } & \text { Revenue } & \text { Expense } \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline\end{array}$$

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Definitions:

Operant Conditioning

A training mechanism in which the degree of a behavior is controlled by the application of rewards or punishments.

Animal

A living organism that feeds on organic matter, typically having specialized sense organs and nervous system and able to respond rapidly to stimuli.

Punishment

A consequence that reduces the probability of a behavior being repeated, often by introducing a negative outcome or removing a positive stimulus.

Reinforcement

A concept in psychology that refers to anything that strengthens a behavior, making it more likely to occur.