Question: 2 8 Multiple Choice 3 points A flower shop makes a large sale for $ 2 , 0 0 0 and delivered the flowers on

28
Multiple Choice 3 points
A flower shop makes a large sale for $2,000 and delivered the flowers on November 30. The customer promised to pay within 30 days. The customer sends a check on December 5 that is received by the flower shop on December 10. The flower shop follows GAAP (Generally Accepted Accounting Principles) and applies the revenue recognition principle. When is the $2,000 considered to be recognized as revenue?
December 5
December 10
November 30
December 31
2 8 Multiple Choice 3 points A flower shop makes

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Financial Accounting Study Guide 11th edition 23. Transactions are recorded in alphabetic order in a journal 24. The trial balance will not balance when incorrect account titles are used in...

Q:

1 On November 30, a company purchases equipment on account for $12,000. What is the journal entry to record this equipment purchase? Debit: Equipment $12,000; Credit: Accounts Payable $12,000 Debit;...

Q:

. A flower shop makes a large sale and provides flowers to a customer for $1,000 on November 30. The customer is sent an invoice on December 5 and the cash is received on December 10. The flower shop...

Q:

urgent DO Not Write on Test 1. The revenue recognition principle dictates that revenue should be recognized in the accounting records: A) when cash is received. B) when the performance obligation is...

Q:

1. Expenses are recognized when: A) they contribute to the production of revenue. B) they are paid. C) they are billed by the supplier. D) the invoice is received. 2. The expense recognition...

Q:

pless answer all question. from 1-3. thank you Question 1 Before month-end adjustments are made, the September 30 trial balance of Martinez Company contains revenue of $10,856 and expenses of $5,590....

Q:

want to do mal 1 No Spac.. Heading1 Heading 2 Title Subtitle Subtle Em... Emphasis Intense E... Strong Quote Intense Styles Name Multiple Choice Questions Cont'c 24. The journal entry to record a...

Q:

Subject: Global Financial Statement Analysis Multiple-choice questions. Complete all questions presented. 1. An adjusting entry: a. affects two balance sheet accounts. b. affects two income statement...

Q:

Anwser all questions and Show work 1 Carr Company provides human resource consulting services to small and medium-sized companies. Last year, Carr provided services to 700 clients. Total fixed costs...

Q:

Multiple Choice Questions: 1. Objective accounting information a. cannot be used in the financial statements. b. requires that values of transactions and related assets and liabilities created by...

Q:

How much does the hourly capacity of the dry-cleaning machine change if tanks are switched only every 5 runs instead of 6 runs? 60 minutes per hour (5 mins setup, 55 mins process time) /90 units per...

Q:

Let T: be defined by x 7 (2 , 3 , ...) where x is given by x = (1 , 2 , ...) and 1 p

Q:

Which of the following would a lessee not record in connection with a lease? Multiple Choice Right - of - use asset Amortization expense Lease revenue. Interest expense Prev 2 4 of 3 8 Ngm Search

Q:

Determine the major differences between U.S. GAAP and IFRS disclosure reporting requirements related to each separately reportable operating segment. Next, give your opinion as to whether either U.S....