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As part of accrual basis accounting, revenues and expenses are recognized by the following principles:
Revenue recognition: Revenue is recognized when both of the following conditions are met:Revenue is earned.Revenue is realized or realizable.
Expense recognition: Expense is recognized in the period in which related revenue is recognized. This is also known as the matching principle.
Respond to the following
Question 1: Identify and describe when the revenue recognition principle requirements are usually met. Provide an example.
Question 2: Identify and describe when the expense recognition principle requirements are usually met. Provide an example.
Suppose you started up your own landscaping business. A customer paid you $ 130, Prepare the journal entries to record the three transactions
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