I am working on exercise 4.5 letter C in the book Financial and managerial Accounting...
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Accounting
I am working on exercise 4.5 letter C in the book Financial and managerial Accounting 16th edition. the question is assume that on January 30, 2012 Gilbert, Marsh, and Kester received $25,000 from Texas oil company in full payment of their consulting services provided in December and January what portion of this amount constitutes revenue earned in January. Would the answer be $12,500 since half was in January and the other half was in December.
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