Which of the following transactions would be recorded if using the accrual basis of accounting but not if using the cash basis of accounting?
a. borrowing moneyb. paying off loansc. purchasing inventory on accountd. collecting customer payments

Swain company manufactures one product, it does not maintain any beginning or ending inventories, and its uses a standard cost system. the company's beginning balance in retained earnings is $65,000. it sells one product for $170 per unit and it generated total sales during the period of $603,500 while incurring selling and administrative expenses of $54,500. swain company does not have any variable manufacturing overhead costs and its standard cost card for its only product is as follows: