Multiple Choice
In February,Ira Roth,Public Accountant,accepted $500 in cash from a customer in exchange for a tax return he promised to prepare in April.Which of the following statements is true?
A) Ira has earned $500 in February.
B) Ira has a $500 liability in February.
C) Ira does not need to record anything in February.He can wait until April.
D) Ira has to record Cash of $500 in April when the return is prepared.
Correct Answer:
Verified
Correct Answer:
Verified
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