Rennie ltd provides a bundled service offering to RAust Ltd. It charges RAust $120,000 for;
Connection fee: 50,000
Access fee: 30,000
Troubleshooting: 54,000
The end of the reporting period for Andrews ltd is 30 June.

Required

a) Calculate the revenues allocated to each of the services being sold
b) Prepare the journal entries to record the transaction in accordance with Aasb 15 on 1 July 2020
c) Prepare journal entries on 31 July 2020 to recognize revenue, assuming Rennie Ltd determines satisfaction of performance obligations monthly

Answer rating: 100% (QA)

Rennie Ltd Fair value of each Allocation of fair Journal Enteries component if sold value to total D... View the full answer