Question: In June, Cellars, Inc. collected $ 1 , 0 0 0 from a customer in advance. In July, Cellars completed the first half of the
In June, Cellars, Inc. collected $ from a customer in advance. In July, Cellars completed the first half of the job. In August, Cellars completed the work. If Cellars uses the cash basis of accounting, it will record revenues of
Multiple choice question.
$ in June when the cash is collected
$ in July and $ in August as the services are performed
$ in August once the job is complete
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