(1 point each cell) The corporation Zugzwang had the followi…
(1 point each cell) The corporation Zugzwang had the following transactions in March. For each event below, write out the impact on a firm’s revenues or expenses under both an accrual-basis accounting system and a cash-basis accounting system for the month of March. If an event did not cause any impact in a given cell, write 0. Sold goods to customers for $10,000, received $8,000 in cash and the rest on account. The cost of the goods sold was 5,000. Purchased $10,000 of new inventory; paid $5,000 in cash and owed the rest on account. Paid $5,000 in wages for workers who worked during the month. Received $5,000 from customers as deposits on orders to be delivered in the following month of April. Received $5,000 bill from contractor for work that was completed in March that will be paid in April. Borrowed $10,000 from the bank by signing a 3 year long-term note on March 31 with a zero percent annual interest rate. The principal is not due until the end of the loan term. Accrual-Basis Cash Basis Event Revenue Expense Revenue Expense A B C D E F