During November 200X John painted a barn. The customer does not pay John until J

ID: 2380110 • Letter: D

Question

During November 200X John painted a barn. The customer does not pay John until January this next year. Which of the following statements is correct?

Using accrual accounting, the revenue is reported in January.

Using accrual accounting, the revenue is reported in November.

Using accrual accounting, the revenue is reported in the month John bought the paint for the barn.

Using accrual accounting, the revenue is reported when the wages expenses related to the barn painting are paid by Jo

Using accrual accounting, the revenue is reported in January.

Using accrual accounting, the revenue is reported in November.

Using accrual accounting, the revenue is reported in the month John bought the paint for the barn.

Using accrual accounting, the revenue is reported when the wages expenses related to the barn painting are paid by Jo

Using accrual accounting, the revenue is reported in November.

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