In February, Ira Roth, Public Accountant, accepted $500 in cash from a customer in exchange for a tax return he promised to prepare in April. Which of the following statements is true?
A) Ira has earned $500 in February.
B) Ira has a $500 liability in February.
C) Ira does not need to record anything in February. He can wait until April.
D) Ira has to record Cash of $500 in April when the return is prepared.
B
Business
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