In accordance with the realization concept, the $30,000 down payment received on House B in June [was
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In accordance with the realization concept, the $30,000 down payment received on House B in June [was / was not] revenue in June. It will be revenue in (what month?). Because Homes, Inc., has an obligation to deliver the house, the $30,000 is a(n) [asset / liability] on the balance sheet at the end of June.
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