Pawn Shops Unlimited recorded the following four transactions during April. Which of these transactions would have the same income statement impact in April regardless of whether the company used accrual-basis or cash-basis accounting?

A. Paid $700 for an advertisement that appeared in the May 17 edition of the Las Vegas Sun newspaper.
B. Paid $1,800 for a six-month insurance policy covering the period July 1-December 31.
C. Purchased $500 of office supplies on account (supplies were used in May and paid for in May).
D. Received $300 from customers for services performed in March.


Answer: C

Business

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