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Walk Like You, Inc. provides fitness training to customers. On February 5th, the firm provided $1,500 worth of services to customers who had pre-paid cash
Walk Like You, Inc. provides fitness training to customers. On February 5th, the firm provided $1,500 worth of services to customers who had pre-paid cash in January for these services. On February 17th, the firm received $800 in cash from customers on their accounts receivable. On February 28th, the firm received $4,100 in cash from customers for services to be provided in March. Using accrual-basis accounting, how much revenue should this firm recognize for the month of February? 8 $5,600 $2,300 C. $1,500 d. $6,400 e. $4,100 Consider the following list of accounts: Service Revenue Deferred Revenue Inventory Prepaid Rent Common Stock Cost of Goods Sold Accumulated Depreciation-Equipment Rent Expense Retained Earnings Sales Revenue How many of these accounts are reported on the income statement? a. Six b. Two C. Five d. Three e. Four
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