Question: 2. You signed a contract with four people to work at the conference as representatives of your association. The cost of their services was $1,000

2. You signed a contract with four people to work at the conference as representatives of your association. The cost of their services was $1,000 per person, to be paid upon completion of the conference.

a.When should the expense for their services be recorded on your organizations income

statement?

b. What is the effect on the financial statements (balance sheet and income statement) in November? In February?

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