On February 1st, your accrual based company incurs $500.00 for services. On February 25th, your company pays $300.00 towards the services and then, on March 5th, pays the $200.00 balance. How is the $200.00 payment made in March recorded?

Answer rating: 100% (QA)

In accrual accounting expenses are recognized and recorded when they are incurred regardless of when ... View the full answer