Colbert operates a catering service on the accrual method. in july of year 1 colbert received a payment of $9,000 for 18 months of catering services to be rendered from august 1st of year 1 through july 31st year 3. when must colbert recognize the income if his accounting methods are selected to minimize income recognition?
a. $500 is recognized in year 1, $6,000 in year 2, and $2,500 in year 3.
b. $500 is recognized in year 1 and $8,500 in year 2.
c. $9,000 is recognized in year 3.
d. $2,500 is recognized in year 1 and $6,500 in year 2.
e. $9,000 is recognized in year 1.
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Colbert operates a catering service on the accrual method. in july of year 1 colbert received a paym...
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