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Required: 1. Give the entry to record the receipt of the down payment, and the succeeding payment on Dec. 31, 2019. 2. 3. How much revenue is recognized at December 31, 2019 Give the entry to record the delivery of the unit.

Required: 1. Give the entry to record the receipt of the down payment, and the succeeding payment on Dec. 31, 2019. 2. 3. How much revenue is recognized at December 31, 2019 Give the entry to record the delivery of the unit.

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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PROBLEM 7-2 On Nov. 1, 2019, Nissan Philippines enters into a contract with PUP to deliver 1 unit 60-seater bus for a contract price of P2,500,000 within 6-months from signing the contract, under the following terms: ● ● 20% down payment upon signing the contract 30% on or before Dec. 31, 2019 Balance is payable upon actual delivery of the unit. The unit was delivered on March 31, 2020. Required: 1. Give the entry to record the receipt of the down payment, and the succeeding payment on Dec. 31, 2019. 2. How much revenue is recognized at December 31, 2019 3. Give the entry to record the delivery of the unit.
Transcribed Image Text:PROBLEM 7-2 On Nov. 1, 2019, Nissan Philippines enters into a contract with PUP to deliver 1 unit 60-seater bus for a contract price of P2,500,000 within 6-months from signing the contract, under the following terms: ● ● 20% down payment upon signing the contract 30% on or before Dec. 31, 2019 Balance is payable upon actual delivery of the unit. The unit was delivered on March 31, 2020. Required: 1. Give the entry to record the receipt of the down payment, and the succeeding payment on Dec. 31, 2019. 2. How much revenue is recognized at December 31, 2019 3. Give the entry to record the delivery of the unit.
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