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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:
- ABC Lawncare performed lawn maintenance services for Drake Inc. on June 1st, and received payment of $500 for those services.
- On June 1st, Melly Corp received payment for 100 pounds of raw material to be delivered to Drake Inc. in 6 months.
- 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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