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Calculate how much fees Tariq Tax Services should record

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Question - Comparing cash and accrual basis accounting for revenues Tariq's Tax Services collect their fees at the end of the completed tax filing for their customers. In some cases, customers do not pay immediately upon receipt of the copy of the filing but request for a quotation and invoice for services after which they might take a month or two to pay. At the end of June, Tariq has collected 60% of the total $4,980 owed by customers for tax services completed.

Calculate how much fees Tariq's Tax Services should record under the a. cash basis? b. accrual basis?

Reference no: EM133048139

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