What are the differences between cash and accrual basis accounting?
This is a graded discussion forum. Your first message should be posted by Wednesday. At least 2 comments to other student’s posts are required plus responding to any instructor questions. The best practice is to post at the beginning, middle, and end of the week.
The Week 3 Discussion
You must use the APUS library to research this topic and post a reference at the end of your initial post.
Answer the following questions.
What are the differences between cash and accrual basis accounting?
Explain the major differences between the 2 methods.
Pick one example of a business transaction that involves performing a service and then collecting the cash at a later date. I suggest you construct a revenue transaction where the sale in one month and the receipt of cash in the next month.
Your example must be recorded differently under the 2 methods.
Use Journal entries with dates and amounts to show when and how the traction would be recorded Under the cash basis of accounting.
Use Journal entries with dates and amounts to show when and how the traction would be recorded Under the accrual basis accounting.
This is the format you need to use.
1 7/1/2022 Debit account goes here 111 Debit amount
Credit account goes here 311 Credit amount
Discussion Guidelines
Discussion Guidelines
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