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L & L Inc. has the following three transactions during the month. 1) Perform $1, 200 of services for a client but will not get
L & L Inc. has the following three transactions during the month. 1) Perform $1, 200 of services for a client but will not get paid until next month. 2) Received $500 for serviced to be performed next month. 3) Performed services and received $500 cash. A) If the company uses the accrual basis of accounting (GAAP) what amount of revenue would the company recognize for the month? $ ______ B) If the company uses cash basis of accounting (not GAAP) what amount of revenue would the company recognize for the month? $ ______
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