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Consider the following three scenarios: ABC Lawncare performed lawn maintenance services for Drake Inc. on June 1st, and received payment of $500 for those services.

Consider the following three scenarios:

  1. ABC Lawncare performed lawn maintenance services for Drake Inc. on June 1st, and received payment of $500 for those services.
  2. On June 1st, Melly Corp received payment for 100 pounds of raw material to be delivered to Drake Inc. in 6 months.
  3. Lodo, LLC collected cash on June 1st for services rendered on May 1st.

Given these scenarios, revenue cannot be recognized on June 1st for:

Group of answer choices

II, III only

III only

I only

I, II only

I, III only

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