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Utility Company reports its books on an accrual basis with a Fiscal Year ending 6/30 Client QB is invoiced for the month of June in
Utility Company reports its books on an accrual basis with a Fiscal Year ending 6/30 Client QB is invoiced for the month of June in July. IRWD Chart of Accounts: Account Number Account Description 110 Cash 120 Accounts Receivable 220 Accounts Payable 300 Equity 410 Water Revenue 510 Expenses 610 Non-operating Revenues The June 2021 revenue invoiced in July 2021 to Client QB is $130,000 Using the above chart of accounts, please propose Journal Entries at June 2021, and July 2021 to recognize the revenue on an accrual basis: JUNE 2021: Account Number Account Description DR CR JULY 2021: Account Number Account Description DR CR Please explain the reason for your recommendation
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