1-(a)-On January 1, in -N-out received 150,000 cash from an investor and the business issued common stock to the investor

b- On January 3, In-N-Out paid $ 67,000 cash for a new equipment.

C- On January 5, In-N-Out purchased supplies for their new store in the amount of $ 16,250 in cash Transaction

D- On January 9, n-N-Out sold $ 12,450 in hamburgers, fries, and drinks during the day. They received cash for the sales of those items Transaction

F- On January 15, In-N-Out sold $ 15,000 in gift cards to American Airlines on account. Note: No cash was exchanged

Qustion 2-(A) on January 20: Salaries Expense $ 18,250, Insurance Expense $ 11,000, and Utilities Expense $ 13,250.

b- On February 15, In-N-Out purchased inventory for its restaurant from their vendor on account in the amount of $ 8,750.

c-On February 20, a payment of $ 12,000 cash was paid for dividends

d-On February 22, In-N-Out received a telephone bill for $ 3,000 and will pay this expense next month.

e-On February 28, a firm engages In-N-Out to provide catering services in March and paid $ 10,000 in advance of the service.

1- When should revenue be booked under the accrual method of accounting? When

... a. A good or service has been delivered or performed.

B. Cash is received.

C. The e-learning process is complete when a contract is agreed upon.

E. Both A and C

F. None of the above