In February, Ira Roth, Public Accountant, accepted $500 in cash from a customer in exchange for a tax return he promised to prepare in April. Which of the following statements is true?

Select one:

a. Ira has to record Cash of $500 in April when the return is prepared.

b. Ira has earned $500 in February

c. Ira does not need to record anything in February. He can wait until April.

d. Ira has a $500 liability in February