Walton Company Collected $9,600 in May of 2013 for 4

question 23

Multiple Choice

Walton Company collected $9,600 in May of 2013 for 4 months of service which would take place from October of 2013 through January of 2014. The revenue reported from this transaction during 2013 would be:

• A) $0.
• B) $7,200.
• C) $9,600.
• D) $2,400.

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Definitions:

Closing Package

The collection of documents that finalize a transaction, often involving the transfer of property or completion of a financial agreement.

Deed

A document by which title to property is transferred from one party to another.

Paralegal

A person trained in subsidiary legal matters but not fully qualified as a lawyer, who assists lawyers in their legal work.

Mortgage Note

A legal document that evidences a borrower's debt to the lender, secured by a mortgage.