The following events occurred for Palette Painters, Inc: September 18 Purchased paint on account. October 7 A customer signed a contract to have her house painted. October 24 Palette Painters paid for the paint purchased on account on September 18th. October 30 The customer paid Palette Painters for the work contracted for on October 7. November 5 Palette Painters painted the customer’s house. According to the Revenue Recognition and Matching Principles, Palette Painters, Inc. should record Group of answer choices A. the revenue in November and the expense in September. B. The revenue and expenses in October. C. The revenue in October and the expenses in September. D. The revenue and expenses in November.

The following events occurred for Palette Painters, Inc: September 18 Purchased paint on account. October 7 A customer signed a contract to have her house painted. October 24 Palette Painters paid for the paint purchased on account on September 18th. October 30 The customer paid Palette Painters for the work contracted for on October 7. November 5 Palette Painters painted the customer’s house. According to the Revenue Recognition and Matching Principles, Palette Painters, Inc. should record Group of answer choices A. the revenue in November and the expense in September. B. The revenue and expenses in October. C. The revenue in October and the expenses in September. D. The revenue and expenses in November.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 2A

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