E-F:3-17 Comparing cash and accrual basis accounting and applying the revenue recognition principle ...
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EF: Comparing cash and accrual basis accounting and applying the revenue recognition principle Joyful Occasions is a photography business that shoots videos at college parties. The freshman class pays $ in advance on February to guarantee services for its party to be held on May The sophomore class promises a minimum of $ for filming its formal dance and actually pays cash of $ on April at the dance. Answer the following questions about the correct way to account for revenue under the accrual basis: a Considering the $ paid by the freshman class, on what date was revenue recognized? Did the recognition occur on the same date cash was received? b Considering the $ paid by the sophomore class, on what date was revenue recognized? Did the recognition occur on the same date cash was received? 
EF: Comparing cash and accrual basis accounting and applying the revenue recognition principle
Joyful Occasions is a photography business that shoots videos at college parties. The freshman class pays $ in advance on February to guarantee services for its party to be held on May The sophomore class promises a minimum of $ for filming its formal dance and actually pays cash of $ on April at the dance.
Answer the following questions about the correct way to account for revenue under the accrual basis:
a Considering the $ paid by the freshman class, on what date was revenue recognized? Did the recognition occur on the same date cash was received?
b Considering the $ paid by the sophomore class, on what date was revenue recognized? Did the recognition occur on the same date cash was received?
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