On November 20, 2011, Billy Pilgrim Technology agreed to manufacture and supply 1,000 centrifuges used by Cathcart
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1. Prepare the entry by Billy Pilgrim to record receipt of the deposit during 2011. How would the deposit be reported in the financial statements at the end of 2011?
2. Prepare the entry by Billy Pilgrim to record the delivery of 350 units during 2012. How would the deposit be reported in the financial statements at the end of 2012?
3. Prepare the entry by Billy Pilgrim to record the delivery of 400 units during 2013. Cathcart pays in cash upon delivery for units not covered by the deposit. Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
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