1. Tony signed up and paid $1200 for a
6-month painting course on June 1 with Master Piece Painting (MPP).
As of August 1, MPP's accounting records would
indicate
A. $400 of revenue, $800 of deferred
revenue
B. $1,200 of revenue, $1,200 of cash
C. $400 of revenue, $800 of accounts receivable
D. $800 of revenue, $400 of accounts receivable
2. On July 15, 2016, Ortiz & Co. signed a contract
to provide EverFresh Bakery with...