Which account will not be used in an adjusting entry? Insurance Expense Cash Accounts Receivable Accumulated Depreciation Question 2 (2 points) According to the revenue recognition principle, revenue is recorded when: Services are performed Either when the cash is received or the services are performed, which ever happens first Either when the cash is received or the services are performed, which ever happens second The cash is received According to the revenue recognition principle, revenue is recorded when: Services are performed Either when the cash is received or the services are performed, which ever happens first Either when the cash is received or the services are performed, which ever happens second The cash is received Moncada Services had an Accounts Receivable balance of $26,800 on July 1. During the month of July, total credits to Accounts Receivable were $61,600 from customer payments. The July 31 Accounts Receivable balance was $21,000. What was the amount of credit sales during July? $38,400 $67,400 $61,600 $55,800 $5,800