Us uses accrual basis accounting forwhich of the events

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Reference no: EM13614066

U.S. Political Consultants has been in existence for many years.During the month of November, the following events occurred:

1. The owners contributed an additional $6,500to the business to finance an expansion of operations.

2. Consulting services totaling $11,000 wereperformed on credit during November and billed to customers.

3. A loan in the amount of $25,000 was obtainedfrom a wealthy campaign contributor.

4. Expenses in the amount of $6,000 wereincurred during the month. One-third had been paid for by monthend.

5. Cash of $18,500 was collected from customersfor whom services had been performed during September andOctober.

6. Services totaling $4,500 were performed forcustomers who had paid in the previous month for the services.

Required: U.S. uses accrual basis accounting. Forwhich of the events, above should revenue be recorded? If an eventdoes not involve revenue, specify why not.

Reference no: EM13614066

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