Angelo's charges $200 per month for catering services.In the first quarter of the year they collected $14,000.Fifteen customers pre-paid for three months of catering beginning in January,ten customers pre-paid for two months of catering beginning in February,and five customers paid for one month of catering in March.Using the cash basis of accounting,Angelo's will recognize ________ in revenue for January and ________ using the accrual basis.
A) $0,$1,000
B) $6,000,$1,000
C) $1,000,$0
D) $1,000,$6,000
Correct Answer:
Verified
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