Revenue Recognition and Accrual Accounting
U.S. Political Consultants has been in existence for many years. During the month of November, the following events occurred:
1. The owners contributed an additional $6,500 to the business to finance an expansion of operations.
2. Consulting services totaling $11,000 were performed on credit during November and billed to customers.
3. A loan in the amount of $25,000 was obtained from a wealthy campaign contributor.
4. Expenses in the amount of $6,000 were incurred during the month. One-third had been paid for by monthend.
5. Cash of $18,500 was collected from customers for whom services had been performed during September and October.
6. Services totaling $4,500 were performed for customers who had paid in the previous month for the services.
Required: U.S. uses accrual basis accounting. Forwhich of the events, above should revenue be recorded? If an event does not involve revenue, specify why not.
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