On 24 March 2020, Callum Trading received $8,500 from
a customer as down-payment for an order of goods
amounting to $92,000. Which of the following is
recorded in the books of Callum Trading for the financial
year ended 31 March 2020 with regards to the above
transaction?
Current liability of $92,000.
Expense of $8,500.
Revenue of $92,000.
Current liability of $8,500.