Multiple Choice
Your company receives advance payment in October for services that are provided during November.Which of the following is true?
A) A liability is recorded in October; in November the liability is reduced and revenue is recorded.
B) Revenue is recorded in October and expenses are recorded in November.
C) An asset is recorded in October; in November,the asset is reduced and revenue is recorded.
D) Revenue and expenses are recorded in October.
Correct Answer:
Verified
Correct Answer:
Verified
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