Question: Indicate which of the following events would result in recognizing

Indicate which of the following events would result in recognizing revenue for the year in which the described event takes place; indicate the amount and the account. Give the journal entry that would be made in each case. (Take the selling company’s point of view.)
1. Dell Inc. sold a computer system worth $10,000; the customer financed the purchase because he didn’t have any cash.
2. Steel USA is producing 3 tons of steel for American Cans. It costs $4,500 per ton to produce, but American Cans has promised to pay $7,750 per ton when it receives the steel. Steel USA will probably ship it in the near future.


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  • CreatedSeptember 01, 2014
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