4. On June 1st, Michelob signed up and paid $1,200 to Master Brewer Inc. for a...
4. On June 1st, Michelob signed up and paid $1,200 to Master Brewer Inc. for a 6 month brewing course that started on the same date. As of July 31st, Master Brewer's accounting records would indicate:
A)$400 of revenue, $800 of accounts receivable
B) $400 of revenue, $800 of deferred revenue
C) $1,200 of revenue, $1,200 of cash
D)$800 of revenue, $400 of accounts receivable
Homework Answers
| Option B is the answer | |
|
Revenue recognized = (1200/6) * 2 months = 400 Deferred (Unearned) revenue = 1200 - 400 = 800 |
Comment if you face any issues
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