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Consider the following events for Sophia Incorporated: April 5 Sophia purchases volleyballs for $200 on account. April 6 Sophia advertises a sand volleyball camp for $20 a person. April 12 Thirty people sign up for the camp paying a total of $600. April 21 Sophia hosts the sand volleyball camp. April 23 Sophia pays for the volleyballs purchased on April 5.Under cash-basis accounting, what is the appropriate day to record the expenses related to the sand volleyball camp?

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Answer:

The cash basis says that the transaction must be recorded when the cash paid or received.

The cash paid dates are April 6, April 12 and April 23. The cash paid are all cash in nature and are expenses. So according to cash basis, the respective amounts must be recorded as expense on the dates when the cash are paid.

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