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