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Lara's Cakes Corporation delivered a wedding cake to a custo The customer was sent an invoice for $1,500 on December 5 received from the customer on December 8. Using the reven per GAAP, when will the $1,500 be recognized as revenue?

Lara's Cakes Corporation delivered a wedding cake to a custo The customer was sent an invoice for $1,500 on December 5 received from the customer on December 8. Using the reven per GAAP, when will the $1,500 be recognized as revenue?

FINANCIAL ACCOUNTING
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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Lara's Cakes Corporation delivered a wedding cake to a customer on December 1st The customer was sent an invoice for $1,500 on December 5 and payment was received from the customer on December 8. Using the revenue recognition princip per GAAP, when will the $1,500 be recognized as revenue? DO November 15th December 1st December 5th December 8th
Transcribed Image Text:Lara's Cakes Corporation delivered a wedding cake to a customer on December 1st The customer was sent an invoice for $1,500 on December 5 and payment was received from the customer on December 8. Using the revenue recognition princip per GAAP, when will the $1,500 be recognized as revenue? DO November 15th December 1st December 5th December 8th
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