On October 15, a company received $15,000 cash as a customer's down payment on a consulting contract. The amount was credited to Unearned Consulting Revenue. By October 31, 10% of the services required by the contract were completed. The company will record consulting revenue of $1,500 from this contract for October.
Revenue = $15,000 * 10% = $1,500

Question

Quizplus · Accepted Answer

The calculation for the consulting revenue of $1,500 is correct. $15,000 x 10% = $1,500. Therefore, option A is true.

On October 15, a Company Received $15,000 Cash as a Customer's