In May, Just In Thyme, Inc. billed a customer $1,000 for services performed in May. In June, Just In Thyme collected the $1,000. Which of the following is true assuming accrual accounting? $500 of revenue should be recorded in May and $500 in June. O $1,000 of revenue should be recorded in May. O $1,000 of revenue should be recorded in June.
In May, Just In Thyme, Inc. billed a customer $1,000 for services performed in May. In June, Just In Thyme collected the $1,000. Which of the following is true assuming accrual accounting? $500 of revenue should be recorded in May and $500 in June. O $1,000 of revenue should be recorded in May. O $1,000 of revenue should be recorded in June.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Multiple Choice Question
In May, Just In Thyme, Inc. billed a customer $1,000 for services performed in May. In June, Just In Thyme collected the $1,000. Which of the following is true
assuming accrual accounting?
O $500 of revenue should be recorded in May and $500 in June.
O $1,000 of revenue should be recorded in May.
O $1,000 of revenue should be recorded in June.
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