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Garys Green Thumb (GGT) is a landscaping company. GGT requires a 20% up-front deposit on all major landscaping jobs, with the balance due upon completion
Garys Green Thumb (GGT) is a landscaping company. GGT requires a 20% up-front deposit on all major landscaping jobs, with the balance due upon completion of the work. On March 15, 2018, GGT signed a contract to perform landscaping services for Sam Jones in the amount of $800. GGT received the $160 deposit on that date. GGT completed the landscaping services on March 30, 2018. How would GGT record the $160 received on March 15, 2018?
a. None of the above
b. As a Receivable
c. As a Prepaid Expense
d. As a Liability
e. As Revenue
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