Unformatted text preview: between the date of the last billing and year end. b Generally not until the customer has taken the flight. c Generally at the time of sale. d Similar to (b) above except that as work is completed revenue account would be credited. e. At the time of cash sale. Problem 12.3 1 No 2 No 3 No (inventory, asset assuming perpetual) 4 No 5 No 6 No Problem 12.4 1 Not at time of taking out the loan, but an interest expense will accrue each day of the loan until it is paid. 2 Yes, electricity expense. 3 No, but $1000 will be recognised as revenue each month....
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- Three '10
- Balance Sheet, Generally Accepted Accounting Principles, revenue account, liability account Revenue