NEEP ASAP PROBLEM 7-2On Nov. 1, 2019, Nissan Philippines enters into a contract with PUP to deliver 1unit 60-seater bus for a contract price of P2,500,000 within 6-months from signingthe contract, under the following terms:●●20% down payment upon signing the contract30% on or before Dec. 31, 2019Balance 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 succeedingpayment on Dec. 31, 2019.2.How much revenue is recognized at December 31, 20193. Give the entry to record the delivery of the unit.

Revenue Recognition Revenue recognition specifies the particular circumstances under which revenue…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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