The accrual basis of accounting
On July 1, Gandolfo Inc., a company which uses the the accrual basis of accounting and is on a calendar year for financial reporting, received $13,500 cash in advance for 12 months of service to be performed monthly, beginning on receipt of payment.
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On July 1, Gandolfo Inc., a company which uses the accrual basis of accounting and is on a calendar year for financial reporting, received $13,500 cash in advance for 12 months of service to be performed monthly, beginning on receipt of payment.
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