On January 15, 2020, Bella View Company enters into a contract to build custom machinery for ABC Carpet Company. The contract required full payment of $75,000 when the contract is signed. The contract was signed on January 25, 2020 and specified a delivery date of March 31, 2020. ABC Carpet made the full payment on the agreed date. The machinery was not delivered until April 5, 2020. When the revenue of this contract should be recorded?

Prepare the all the required journal entries for Bella View Company. Specify the date of each entry and omit explanations.

Answer rating: 100% (QA)

Revenue of this contract will be recorded when control of the machinery h... View the full answer