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Which should be recorded as a revenue or expense

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Reference no: EM132671970

Problem 1: Temple Manufacturing uses accrual accounting. Each of the following events occurred during the month of February. Which one of them should be recorded as a revenue or expense for the month of February?

Select one:

a. Sales of $30,000 were made on credit. They are collected during March
b. Collections of $10,000 were made from sales that occurred during January
c. Materials costing $18,000 were purchased and paid for. It is expected that they will be used during March
d. A bill in the amount of $8,600 was received from a supplier for goods purchased during January. It was paid immediately.
e. None of the above

Reference no: EM132671970

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