Multiple Choice
Live Wire Hot Rod Shop follows the revenue recognition principle. Live Wire services a car on July 31. The customer picks up the vehicle on August 1 and mails the payment to Live Wire on August 5. Live Wire receives the check in the mail on August 6. When should Live Wire show that the revenue was recognized?
A) July 31
B) August 1
C) August 5
D) August 6
Correct Answer:
Verified
Correct Answer:
Verified
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