For Each Transaction Below,calculate the Amount of Revenue to Be

question 58

Short Answer

For each transaction below,calculate the amount of revenue to be recognized in the current period using accrual-basis accounting:
(a)Performed $24,000 of services during the month and received full cash payment from customers at the time of service.
(b)Performed $9,000 of services during the month and billed customers.Customers are expected to pay next month.
(c)Received $12,000 cash from customers for services to be provided next month.

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Definitions:

Asset-Based

An approach focusing on the strengths and assets of individuals, communities, or organizations rather than their deficits or problems.

Community Development

A process aimed at improving the well-being, social, economic, and environmental conditions of a community through collective action and empowerment.

Macro Practice

Social work intervention and practice focused on larger groups, communities, societies, or systems rather than on individual clients or families.

Scientific Management Model

A management theory focusing on improving economic efficiency, especially labor productivity, through scientific methods.