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.

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.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9PB: Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May,...

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