Question 12 (1 point) 1. The following transactions occurred between June 29 and July 3 at the XYZ Wholesale Company: June 30: A sales manager received an order for merchandise valued at $500,000. July 1: The merchandise ordered is shipped to the customer. July 3: The customer receives the full shipment. Customers are responsible for shipping and handling charges on all orders and XYZ's policy requires them to pay those charges at the time goods are ordered. To journalize the transaction, XYZ's accountant debited accounts receivable and credited sales revenue on June 30. The transaction contributed to record sales and net income at XYZ for the quarter ending June 30. Which of the following best describes an analysis of the situation? The accountant made the correct journal entry and applied generally A) accepted accounting principles correctly. To be fully ethical and to comply with GAAP, the accountant should have B) recorded the sales transaction on July 1, thus recognizing revenues in the third quarter instead of the second quarter. To be fully ethical and to comply with GAAP, the accountant should have recorded the sales transaction on July 3, thus recognizing revenues in the third quarter instead of the second quarter. D) The accountant was unethical and knowingly cooked the books