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On June 28, a customer paid $800 to Company A to write a will. On July 5, Company A wrote the will and delivered it
On June 28, a customer paid $800 to Company A to write a will. On July 5, Company A wrote the will and delivered it to the customer. Company A's only cost related to this sale was $250 in Salaries Expense. Company A paid the salaries on July 3. Assuming Company A has a June 30 year end and uses accrual basis of accounting, the company's profit for the consulting job on the June 30 financial statements should be: $800 net income $250 net loss $550 net income $0
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