Consider the Following Events for Sophia Incorporated: Under Accrual-Basis Accounting,what

question 61

Multiple Choice

Consider the following events for Sophia Incorporated: Under accrual-basis accounting,what is the appropriate day to record the expenses related to the sand volleyball camp?
$$\begin{array} { | l | l | } \hline \text { April } 5 & \text { Sophia purchas es volleyballs for } \$ 200 \text { on account. } \\\hline \text { April } 6 & \text { Sophia advertises a sand volleyball camp tor } \$ 20 \text { a person. } \\\hline \text { April } 12 & \text { Thirty people sign up for the camp paying a total of } \$ 600 . \\\hline \text { April } 21 & \text { Sophia hosts the sand volleyball camp. } \\\hline \text { April } 23 & \text { Sophia pays for the volleyballs purchased on April } 5 . \\\hline\end{array}$$

• A)April 5.
• B)April 12.
• C)April 21.

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Definitions:

Probate Court

A specialized court that deals with matters concerning the administration of deceased persons' estates, including the validation of wills.

Deceased Patient

Refers to a patient who has passed away.

Next of Kin

A person's closest living blood relative or relatives who may have legal duties or responsibilities for them in certain circumstances.

TILA (Truth in Lending Act)

A United States federal law designed to protect consumers in their dealings with lenders and creditors by requiring clear disclosure of key terms of the lending arrangement and all costs.