This is a question in my class that needs to be answer with at least 150 words. I would like for you to use your own words, but if not Cite-in-text with reference. No Plagiarism
I like how you said that the revenue recognition principle reports revenue as soon as the job is completed. You also mentioned that the revenue recognition principle states that revenue should be reported when it is earned not necessarily when cash is received.
What if you receive payment today for work that you will perform a month from now? What would the journal entry look like?
What does it mean that expenses should be matched against revenues?
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