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Loomis inc received 90,000 on march 1 year 2 for work to be performed Over the next six months. The company which has a fiscal
Loomis inc received 90,000 on march 1 year 2 for work to be performed Over the next six months. The company which has a fiscal year end of June 30 records revenue evenly over the period of work performance. In its June 30 year 3 financial statements Loomis will record: A. Debit to deferred revenue of $30,000 B. Credit to revenue of $60,000 C. Credit to deferred revenue of $30,000 D. Debit to revenue of $60,000
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