If a company is using accrual basis accounting, when should it record revenue?

A$)$ when cash is received, even though services may be performed at a later date

B$)$ when services are performed, even though cash may be received at a later date

C$)$ before services are performed

D$)$ when cash is received, $30$ days after the completion of the services

When does a company account for revenue if it uses cash basis accounting?

A$)$ when services are performed, even though cash may be received at a later date

B$)$ before services are performed

C$)$ when the services are being performed

D$)$ when cash is received, either prior to$,$ at the time of$,$ or after the services are performed

The cash basis of accounting ignores

A$)$ payables

B$)$ revenue

C$)$ cash

D$)$ expenses

A company receives payment from one of its customers on August $5$ for services performed on July $21.$ Which of the following entries would be recorded if the company uses accrual basis accounting?

A$)$

$\backslash$table$[[$Cash$,1,000,],[$Accounts Receivable,,$1,000]]$

B$)$

$\backslash$table$[[$Accounts Payable,$1,000,],[$Cash$,,1,000]]$

C$)$

$\backslash$table$[[$Cash$,1,000,],[$Service Revenue,,$1,000]]$

D$)$

$\backslash$table$[[$Service Revenue,$1,000,],[$Cash$,,1,000]]$