Consider the following events for Sophia Incorporated:
April 5 Sophia purchases volleyballs for $200 on account.
April 6 Sophia advertises a sand volleyball camp for $20 a person.
April 12 Thirty people sign up for the camp paying a total of $600.
April 21 Sophia hosts the sand volleyball camp.
April 23 Sophia pays for the volleyballs purchased on April 5.
Under accrual-basis accounting, what is the appropriate day to record the expenses related to the sand volleyball camp?
A) April 5.
B) April 12.
C) April 21.
D) April 23.
Answer: C
Consider the following events for Sophia Incorporated:
April 5 Sophia purchases volleyballs for $200 on account.
April 6 Sophia advertises a sand volleyball camp for $20 a person.
April 12 Thirty people sign up for the camp paying a total of $600.
April 21 Sophia hosts the sand volleyball camp.
April 23 Sophia pays for the volleyballs purchased on April 5.
Under accrual-basis accounting, what is the appropriate day to record the revenues from the sand volleyball camp?
A) April 5.
B) April 6.
C) April 12.
D) April 21.
Answer: D
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