Oriole Publishers sells textbooks to universities across Canada. On July 10, 2021, Oriole entered into a contract with Hinton University to supply 690 accounting textbooks at a price of $108 per book to be paid on September 25, 2021. The books cost Oriole $75 each. Oriole’s return policy states that any unsold books can be returned within 90 days of delivery. The books were delivered on August 25, 2021. Oriole estimates returns at 10% of sales. Hinton returns 23 books on September 15, 2021, and 46 books on September 30, 2021.

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Determine the transaction price. Transaction price s On what date should revenue be recognized? Revenue should be recognized on Determine the transaction price. Transaction price s On what date should revenue be recognized? Revenue should be recognized on

Answer rating: 100% (QA)

Answer 1 The transaction price 690 x 108 74520 2 Revenue be recognised on Augu... View the full answer