Brad Poison, P.A., collected cash on account from a client for whom the business had provided delivery

Question:

Brad Poison, P.A., collected cash on account from a client for whom the business had provided delivery services one month earlier.

Requirements

1. Why did the business fail to record revenue when it collected the cash on account?

2. Write two accounting equations to show the effects of:

a. Receiving cash of $$300$ for service revenue earned

b. Receiving cash of $$300$ from customer on account.

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Related Book For book-img-for-question

Financial And Managerial Accounting

ISBN: 9780135080191

2nd Edition

Authors: Charles T Horngren, Jr Walter T Harrison

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Question Posted: May 11, 2024 11:03 PM

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Brad Poison, P.A., collected cash on account from a client for whom the business had provided delivery

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1 The business failed to record revenue when it collected the cash o...View the full answer

Financial And Managerial Accounting

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