Question
Xia Rental Company rents used cars. The company uses cash accounting and issues financial statements every month. On August 1, 2020, the company received $10,000
Xia Rental Company rents used cars. The company uses cash accounting and issues financial statements every month. On August 1, 2020, the company received $10,000 cash from clients to rent vehicles in September 2020. Xia provides the rented vehicles to clients on September 1. When should Xia Rental Company record revenue?
August 1, 2020
September 30, 2020
August 31, 2020
September 1, 2020
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Accounting Principles A Business Perspective
Authors: Roger H. Hermanson, James Don Edwards, Michael W. Maher
1st Edition
1680921851, 978-1680921854
