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March 25, 2017

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suppose your business caters a party august 23.according to the contract ,your client will pay the 2500 bill on september 1.using the accrual basis of accounting ,how would you record the transaction?
(a)on august 23,debit accounts receivable 2500 and credit revenue2500
(b)on september 1,debit accounts receivable 2500 and credit revenue 2500
(c)on august 31,credit accounts receivable 2500 and debit revenue 2500
(d)on august 23,credit accounts receivable 2500 and debit revenue2500
my answer is b

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