Multiple Choice
Southern Light Containers charges $125 per month for a storage unit. In the first quarter of the year, they collected $6,125. Ten customers pre-paid for three months rental in January, seven customers pre-paid for two months rental in February, and five customers paid for one month rental in March. Using the cash basis of accounting, Southern will recognize ________ in revenue for March and ________ using the accrual basis.
A) $0; $3,375
B) $625; $0
C) $1,250; $2,500
D) $625; $2,750
Correct Answer:
Verified
Correct Answer:
Verified
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