Question

During June, Thuy Buoi’s business performed services for a specific customers for which the fee was $5000. Payment was received in the following month of July.

 

Required:

  1. Was the revenue earned in June or July? How is profit determined under the cash basis of accounting and the accrual basis of accounting?
  2. What journal entries should be recorded under the accrual accounting in June and July?
  3. What journal entries should be recorded under cash accounting in June and July?

 

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