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Safe Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. On December 31, Safe Home has collected $700 from cash-paying customers. Safe Home’s remaining customers owe the business $1,900. What is the accrual basis?

Safe Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. On December 31, Safe Home has collected $700 from cash-paying customers. Safe Home’s remaining customers owe the business $1,900. What is the accrual basis?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Safe Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. On December 31, Safe Home has collected $700 from cash-paying customers. Safe Home’s remaining customers owe the business $1,900. What is the accrual basis?
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Safe Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. On December 31, Safe Home has collected $800 from cash-paying customers. Safe Home's remaining customers owe the business $1,800. Cash received Revenue Recorded Total Revenue Recorded December 31 December 31 Cash Basis 800 800 800 December 31 December 31 Accrual Basis 800 1800 2600
Transcribed Image Text:Safe Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. On December 31, Safe Home has collected $800 from cash-paying customers. Safe Home's remaining customers owe the business $1,800. Cash received Revenue Recorded Total Revenue Recorded December 31 December 31 Cash Basis 800 800 800 December 31 December 31 Accrual Basis 800 1800 2600
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