Dandridge Company collected cash in 2012 from a customer for services to be performed beginning January 2013. Indicate whether each of the following statements about this transaction is true or false.
_____ a) Dandridge's 2012 income statement would not be affected by this transaction.
_____ b) Dandridge's 2012 statement of cash flows would be affected by this transaction.
_____ c) This transaction is an asset exchange transaction.
_____ d) The revenue for the services provided will be recorded in 2013.
_____ e) This transaction is considered an accrual transaction.

Question

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The Answer of Dandridge Company collected cash in 2012 from a customer for services to be performed beginning January 2013. Indicate whether each of the following statements about this transaction is true or false.
_____ a) Dandridge's 2012 income statement would not be affected by this transaction.
_____ b) Dandridge's 2012 statement of cash flows would be affected by this transaction.
_____ c) This transaction is an asset exchange transaction.
_____ d) The revenue for the services provided will be recorded in 2013.
_____ e) This transaction is considered an accrual transaction.

Dandridge Company Collected Cash in 2012 from a Customer for Services