1. Ace Electronics uses accrual-basis accounting. During January the company sold $50,000 of goods to customers. The company collected $30,000 of this amount during January. The remaining amount was collected during February. What amount of sales revenue should Ace Electronics report for January and February? A. $30,000 in January and $20,000 in February B. $0 in January and $50,000 in February C. $50,000 in January and $0 in February D. $50,000 in January and $20,000 in February