Consider the following events for Sophia Incorporated: Under accrual-basis accounting,what is the appropriate day to record the revenues from the sand volleyball camp?
$$\begin{array} { | l | l | }
\hline \text { April } 5 & \text { Sophia purchases volley balls for } \$ 200 \text { on account. } \
\hline \text { April } 6 & \text { Sophia advertises a sand volleyball camp for } \$ 20 \text { a person. } \
\hline \text { April } 12 & \text { Thiry people sign up for the camp paying a total of } \$ 600 . \
\hline \text { April } 21 & \text { Sophia hosts the sand volleyball camp. } \
\hline \text { April } 23 & \text { Sophia pays for the volleyballs purchased on April } 5 . \
\hline
\end{array}$$
A)April 5.
B)April 6.
C)April 12.
D)April 21.

Question

Consider the following events for Sophia Incorporated: Under accrual-basis accounting,what is the appropriate day to record the revenues from the sand volleyball camp?
$$\begin{array} { | l | l | } 
\hline \text { April } 5 & \text { Sophia purchases volley balls for } \$ 200 \text { on account. } \
\hline \text { April } 6 & \text { Sophia advertises a sand volleyball camp for } \$ 20 \text { a person. } \
\hline \text { April } 12 & \text { Thiry people sign up for the camp paying a total of } \$ 600 . \
\hline \text { April } 21 & \text { Sophia hosts the sand volleyball camp. } \
\hline \text { April } 23 & \text { Sophia pays for the volleyballs purchased on April } 5 . \
\hline
\end{array}$$
A)April 5.
B)April 6.
C)April 12.
D)April 21.

Quizplus · Accepted Answer

Under accrual-basis accounting, revenues are recorded when earned, regardless of when the cash is received. Sophia earned the revenue on April 21 when she hosted the sand volleyball camp.

Consider the Following Events for Sophia Incorporated: Under Accrual-Basis Accounting,what