Jones Corporation provides services to a customer on June 17,but the customer does not pay for the services until August 12.According to the revenue recognition principle,Jones Corporation should record the revenue on August 12.

Question

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According to the revenue recognition principle, revenue should be recorded when it is earned, not when payment is received. Therefore, Jones Corporation should record the revenue on June 17 when the services were provided.

Jones Corporation Provides Services to a Customer on June 17,but