Which of the following transactions would be recorded at the time the transaction occurs under the accrual basis, but would not be recorded until sometime in the future under the cash basis?

Question

Quizplus · Accepted Answer

The sale of merchandise on account would be recorded at the time the transaction occurs under the accrual basis because revenue is recognized when earned, even if payment has not yet been received. However, under the cash basis, the sale would only be recorded when payment is received in the future.

The other options are not applicable because they would be recorded at the time the transaction occurs under both the accrual basis and the cash basis.

Which of the Following Transactions Would Be Recorded at the Time