1. Employees performed services in 2003, but the wages were not paid until 2004. During which year would the wages expense be reported on the income statement under (a) the cash basis? (b) he accrual basis?
2. Which of the following accounts would appear only in an accrual basis accounting system and which could appear in either a cash basis or accrual basis accounting system? (a) Capital Stock, (b) Fees Earned, (c) Accounts Payable, (d) Land, (e) Utilities Expense, and (f) Accounts Receivable.