REVENUE AND EXPENSE RECOGNITION
Electronic Repair Company repaired a high-definition television for Sarah Merrifield in December 2009. Sarah paid $50 at the time of the repair and agreed to pay Electronic Repair Company $50 each month for five months beginning on January 15, 2010. Electronic Repair Company used $80 of supplies, which were purchased in November 2009, to repair the television.
REVENUE AND EXPENSE RECOGNITION