A company received a $10,000 deposit from a customer for goods and services to be delivered in

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A company received a $10,000 deposit from a customer for goods and services to be delivered in the following month. under the accrual and cash basis accounting, the deposits would be recorded as

(a) Accrual basis: income cash basis: liability

(b)Accrual basis: liability cash basis: liability

(c)Accrual basis: asset cash basis: asset

(d)Accrual basis: liability cash basis: income

Related Book For answer-question

Financial Accounting

ISBN: 978-0132889711

1st Canadian Edition

Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper

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Posted Date: May 27, 2022 01:42 PM

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A company received a $10,000 deposit from a customer for goods and services to be delivered in

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Solution Correct Option is d Accrual basis liability cash basis ... View the full answer

Financial Accounting

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