Toby's Bakery Store uses the accrual basis of accounting. A customer ordered cupcakes on June 5. Toby delivered the cupcakes to the customer on June 7. The customer mailed payment to Toby on June 10. Toby received the cheque in the mail on June 15 and deposited the cheque on June 18. When would Toby recognize the revenue as being earned? 

Answer rating: 100% (QA)

Under accrual accounting Toby recognizes the revenue a... View the full answer