On May 1st, X Company sells a phone, a charger, and one year of services (voice, text and data) for $600. The phone sells separately for $280, the charger for $175, and the services for $245. How much deferred revenue will X recognize on May 1st?

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is