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ne revenue recognition principle (point of sale).

ne revenue recognition principle (point of sale).

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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For the following independent cases, in the space provided, calculate the amount of revenue that should be recorded in 2019 under the revenue recognition principle (point of sale). O they collect dvane rent 1. ompany 18,000 19 a customer paid a uipment. The was delivered on January 16, 2020 and the balance was pad that date. equipment. On December $50,000 2. wards the eq 3. On December 29, 2019 Company C ships $15,000 worth of goods to a customer, F. O. B. destination. The goods arrive on January 3, 2020at the customer's office. The customer pays for the goods On February 1, 2020.
Transcribed Image Text:For the following independent cases, in the space provided, calculate the amount of revenue that should be recorded in 2019 under the revenue recognition principle (point of sale). O they collect dvane rent 1. ompany 18,000 19 a customer paid a uipment. The was delivered on January 16, 2020 and the balance was pad that date. equipment. On December $50,000 2. wards the eq 3. On December 29, 2019 Company C ships $15,000 worth of goods to a customer, F. O. B. destination. The goods arrive on January 3, 2020at the customer's office. The customer pays for the goods On February 1, 2020.
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