The revenue recognition principle requires that One Eleven Music Studio report $5,000 on the March Income Statement
Question:
The revenue recognition principle requires that One Eleven Music Studio report $5,000 on the March Income Statement for student tuition revenue that was collected March 1 and earned over the month. Select the appropriate journal entry:
a. Debit Unearned Revenue $5,000, credit Revenue $5,000
b. Debit Income $5,000, credit Cash $5,000
c. Debit Accounts Receivable $5,000, credit Revenue $5,000
d. Debit Cash $5,000, credit Revenue $5,000
Accounts ReceivableAccounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Related Book For 
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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