Joe Restaurant Ltd operates fine dine restaurant in polity when they make the reservation. Deposit will apply against their bill. Tom made a reservation on Jan 01, 2021, for Feb 14, 2021 and made a deposit of $50 from his credit card. He dine in on Feb 14, 2021 and received a bill of $200, he paid $150 since he already had a credit of $50 from his deposit on Jan 01, 2021. Based on the revenue recognition accounting principal, when would Joe record the revenue of $200? A Joe Restaurant will record $50 revenue on Jan 01 and $150 revenue on Feb 14. B) Joe Restaurant will record the entire revenue of $200 on on Feb 14. C Joe Restaurant will record the entire revenue of $200 on Jan 01

Joe Restaurant Ltd operates fine dine restaurant in polity when they make the reservation. Deposit will apply against their bill. Tom made a reservation on Jan 01, 2021, for Feb 14, 2021 and made a deposit of $50 from his credit card. He dine in on Feb 14, 2021 and received a bill of $200, he paid $150 since he already had a credit of $50 from his deposit on Jan 01, 2021. Based on the revenue recognition accounting principal, when would Joe record the revenue of $200? A Joe Restaurant will record $50 revenue on Jan 01 and $150 revenue on Feb 14. B) Joe Restaurant will record the entire revenue of $200 on on Feb 14. C Joe Restaurant will record the entire revenue of $200 on Jan 01

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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