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QUESTION
In September, a customer signed a contract to have his house painted and paid for the job in October. The painting company bought the paint in August...
In September, a customer signed a contract to have his house painted and paid for the job in October. The painting company bought the paint in August on account and paid for it in September. The painting company painted the house in November. According to the revenue and matching principles, the painting company should record:
the revenues and the expenses in November.