8. on may 29, a company received $7,500 consisting of checks and currency from its customers. the company…

8. on may 29, a company received $7,500 consisting of checks and currency from its customers. the company deposited the $7,500 in its checking account on june 2. which date should be used to record the $7,500 in the companys general ledger accounts? select... june 2 may 31 may 29 none of the above

8. on may 29, a company received $7,500 consisting of checks and currency from its customers. the company deposited the $7,500 in its checking account on june 2. which date should be used to record the $7,500 in the companys general ledger accounts? select... june 2 may 31 may 29 none of the above

Answer

Brief Explanations:

In accounting, revenue is generally recorded when it is earned and realized or realizable. When the company received $7,500 from customers on May 29, it has already earned the money. The act of depositing it later (June 2) is just a subsequent action related to cash - management. So, the date of receipt (May 29) is the appropriate date for recording in the general ledger accounts.

Answer:

May 29