Consider the following transactions: The company uses supplies purchased in the previous period, $1,500. The company pays cash for rent in advance, $6,000. The company repays a loan to the bank, $10,000 (ignore any interest cost). The amount of accrual-basis expense is while the amount of cash-basis expense is .

The amount of accrual-basis expense is __$ 7500 rent and supplies expense

while the amount of cash-basis expense is __$10,000 Loan repayment.

Explanation:

The Accrual basis of accounting states that expenses or revenues to be recorded in the month they are incurred but cash basis states that revenues or expenses to be recorded in the month of receipt or payment. As loan is a liability and is being paid  then it can be  adjusted on a cash basis but rent and supplies relate to different months so they can be adjusted on an accrual basis.

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