lilpatty2071 lilpatty2071

04-10-2019
Business

contestada

Your company receives advance payment in October for services that are provided during November. Which of the following statements is correct?
(A) An expense is recorded in October and revenue will be recorded in November.
(B) A liability is recorded in October and revenue will be recorded in November.
(C) Revenue and expenses are recorded in October.
(D) Revenue is recorded in October and an expense will be recorded in November.

Respuesta :

ujgerman ujgerman

07-10-2019

Answer:

(B) A liability is recorded in October and revenue will be recorded in November

Explanation:

When a company receives money in advance of earning it, the accounting entry is a debit to the asset Cash for the amount received and a credit to the liability account such as Customer Advances or Unearned Revenues

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