Question

Gabriel & Associates signed 20 contracts for a total of $250,000 with customers to provide household maintenance services in May 2020. Gabriel collected cash of $100,000 from its customers for these contracts during May 2020 and the remaining $150,000 in August 2020. Gabriel performed all maintenance services in August 2020. Gabriel will record revenue associated with these contracts as follows... A. $100,000 of revenue recorded in May 2020 and $150,000 of revenue in August 2020 B. $250,000 of revenue recorded in August 2020 C. $62,500 of revenue recorded equally in May, June, July, and August 2020 D. $250,000 of revenue recorded in May 2020

          Gabriel & Associates signed 20 contracts for a total of $250,000 with customers to provide household maintenance services in May 2020. Gabriel
collected cash of $100,000 from its customers for these contracts during May 2020 and the remaining $150,000 in August 2020. Gabriel performed all
maintenance services in August 2020. Gabriel will record revenue associated with these contracts as follows...
A. $100,000 of revenue recorded in May 2020 and $150,000 of revenue in August 2020
B. $250,000 of revenue recorded in August 2020
C. $62,500 of revenue recorded equally in May, June, July, and August 2020
D. $250,000 of revenue recorded in May 2020

Gabriel Associates signed 20 contracts for a total of 250,000 with customers to provide household maintenance services in May 2020. Gabriel
collected cash of100,000 from its customers for these contracts during May 2020 and the remaining 150,000 in August 2020. Gabriel performed all
maintenance services in August 2020. Gabriel will record revenue associated with these contracts as follows...
A.100,000 of revenue recorded in May 2020 and 150,000 of revenue in August 2020
B.250,000 of revenue recorded in August 2020
C. 62,500 of revenue recorded equally in May, June, July, and August 2020
D.250,000 of revenue recorded in May 2020

Added by Claudia B.

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