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

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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. Under the accrual basis, Sally Lawn Services cannot record revenue of $500 until October 31.
True
False
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