Multiple Choice
In September,a customer signed a contract to have his house painted and paid for the job in October.The painting company bought the paint in August on account and paid for it in September.The painting company painted the house in November.Assuming accrual basis accounting is used,the painting company should record the:
A) revenues in November and the expenses in September.
B) revenues and the expenses in September.
C) revenues and the expenses in November.
D) revenues in September and the expenses in August.
Correct Answer:

Verified
Correct Answer:
Verified
Q28: Which of the following accounts does not
Q29: A company's revenue recognition policy:<br>A)affects the income
Q30: Which of the following is always true?<br>A)Net
Q31: Which of the following expressions correctly describes
Q32: The _ takes stock of what exists
Q34: Cobalt Co.'s income statement shows Service Revenue
Q35: Which of the following statements about the
Q36: Swift Company paid $18,650 in advance for
Q37: The entry recorded by a law firm
Q38: During September,the Bug-B-Gone Company buys and pays