During May, Byron Bui’s business performed services for a specific customer for which the fee was $3,000. The payment was received in the following month of June.
a) Was the revenue earned in May or June? Which financial statement assumption does this relate to?
b) What are the differences between the cash basis of accounting and the accrual basis of accounting?
c) What journal entries should be recorded under accrual accounting in May and June?
d) What journal entries should be recorded under cash accounting in May and June?
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