Cass Company enters into a contract with Dearborn Inc. to sell it $ 50,000 of goods with
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1. On what date does a contract exist between Cass and Dearborn?
2. What are Cass’s performance obligations in the contract?
3. What is the transaction price?
4. Does this transaction price need to be allocated? 5. Prepare Cass’s journal entries related to the contract with Dearborn.
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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