A flower shop makes a large sale for $1,000 on November 30. The customer is sent a statement on December 5 and a check i
Posted: Sun Jun 05, 2022 7:31 pm
- A Flower Shop Makes A Large Sale For 1 000 On November 30 The Customer Is Sent A Statement On December 5 And A Check I 1 (15.41 KiB) Viewed 56 times
- A Flower Shop Makes A Large Sale For 1 000 On November 30 The Customer Is Sent A Statement On December 5 And A Check I 2 (16.34 KiB) Viewed 56 times
- A Flower Shop Makes A Large Sale For 1 000 On November 30 The Customer Is Sent A Statement On December 5 And A Check I 3 (27.95 KiB) Viewed 56 times
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Which is not an application of revenue recognition? O Billing customers on June 30 for services completed during June. Receiving cash for services performed. O Recording revenue as an adjustment on the last day of the accounting period. O Recording cash from an established customer for services to be performed over the next three months.
Under the cash basis of accounting: O expenses are matched with the revenue that is produced. O a promise to pay is sufficient to recognize revenue. O cash must be received before revenue is recognized. O revenue is recognized when services are performed.
Kingbird, Inc. had the following transactions during 2022: Sales of $9000 on account Collected $3300 for services to be performed in 2023 • Paid $3000 cash in salaries for 2022 Purchased airline tickets for $550 in December for a trip to take place in 2023 What is Kingbird's 2022 net income using accrual accounting? O $9300 O $6550 O $6000 O $9850