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is this right? Cakery Bakery receives $1,000 from a customer on August 5, 2016 for a wedding cake to be delivered on September 19, 2016.

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is this right?

Cakery Bakery receives $1,000 from a customer on August 5, 2016 for a wedding cake to be delivered on September 19, 2016. What would Cakery Bakery record on their books when they receive this payment? ACCOUNTS PREPAID INVENTORY EXPENSES ASSETS LIABILITIES OWNERS EQUITY CASH REVENUE DEBIT CREDIT DEBIT CREDIT 080516 08/05/16Y $1,000 ADD TRANSACTION ADD TRANSACTION $1,000 $1,000

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