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Sally Lawn Services has a formal agreement with Mr. Bizza to treat...

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Accounting

Sally Lawn Services has a formal agreement with Mr. Bizza to treat his lawn on October 31 and November 30,2021. The date of the agreement was October 1,2021. The agreed upon cost
of the total service is $1,000,$250 to be paid on October 31 and the remaining $750 to be paid on November 30. Although not required as part of the agreement, Mr. Bizza made an
advance payment of $500 to Sally Lawn Services on October 1,2021. Sally Lawn Services can record revenue of $500 on October 1 under the accrual basis.
True
False
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