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.
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