On January 16, 2024, JRT Company enters into a contract with Beowulf Industries to deliver office furniture.

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On January 16, 2024, JRT Company enters into a contract with Beowulf Industries to deliver office furniture. JRT manufactures the products and ships them to Beowulf on March 31, 2024. Beowulf takes possession of the goods on April 10, 2024. Assuming JRT Company has a March 31 year end and uses the contract-based approach to revenue recognition, on what date should JRT recognize revenue? Explain.

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Accounting Principles Volume 2

ISBN: 9781119786634

9th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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