Novella Company sells annual memberships to its auto club. The memberships cost $300 each. On January 1, Novella sold 12,000 passes and received cash
Refer to Novella Company. How should Novella record the receipt of cash on January 1?
A) revenue of $300
B) liability of $300
C) revenue of $3,600,000
D) liability of $3,600,000
Answer: D
Business
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