Sheridan Company collected $18500 in May of 2020 for 5 months of service which would take...

Question

Question

Answer 1

Answer #1

Service revenue received in advance for 5 months = $18,500

Service revenue for 3 months of 2020 (From October to December) = 18,500 x 3/5

= $11.100

Hence, the revenue repoted from this transaction during 2020 would be = $11,100

First option is correct

Answer 2

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