On May 28, B-Z, Inc received an order from a customer for 300 of ...

[aabwk4]

On May 28, B-Z, Inc received an order from a customer for 300 of services. On June 3, B-Z received an advance payment of 300 for the services. On July 1, B-Z performed all of the service for the customer.
 
  The journal entry to record the revenue earned would be recorded on ________.
  A) May 28 and would include a credit to Revenue of 300
  B) June 3 and would include a credit to Revenue of 300
  C) July 1 and would include a credit to Revenue of 300
  D) June 3 and July 1 and each entry would include a credit to Revenue of 150

Question 2

The balance in an expense account is closed to a(n)
 a. capital account.
   b. revenue account.
   c. drawing account.
   d. income summary account.

[JaynaD87]

Answer to Question 1

C

Answer to Question 2

d