Answered: A catering hall receives a $5,000 up…

A catering hall receives a $5,000 up front fee for an October 2023 wedding. How much of this fee will be booked in Januray 2023 as revenue for the October wedding? 00 5,000 2,500 3,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 11EB: Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase,...

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Concept explainers

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.

Question

Subject: accounting

A catering hall receives a $5,000 up front fee for an October 2023 wedding. How much of this
fee will be booked in Januray 2023 as revenue for the October wedding?
0
5,000
2,500
3,000

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