During may, byron bui's business performed services for a specific custmor for which the fees was $3000. The payment was received in the following month of june. a. Was revenue earned in may or june? Which financial statemnt assumption does it relates to? b. What are the difference between the cash basis of accounting and the accural basis of accounting C. What journal entries should be recorded under accural accounting in may and june? D. What journal entries should be recorded under cash accounting in may and june?
During may, byron bui's business performed services for a specific custmor for which the fees was $3000. The payment was received in the following month of june. a. Was revenue earned in may or june? Which financial statemnt assumption does it relates to? b. What are the difference between the cash basis of accounting and the accural basis of accounting C. What journal entries should be recorded under accural accounting in may and june? D. What journal entries should be recorded under cash accounting in may and june?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During may, byron bui's business performed services for a specific custmor for which the fees was $3000. The payment was received in the following month of june.
a. Was revenue earned in may or june? Which financial statemnt assumption does it relates to?
b. What are the difference between the cash basis of accounting and the accural basis of accounting
C. What
D. What journal entries should be recorded under cash accounting in may and june?
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