For each of the transactions, if revenue is to be recognized in October, Year 1, indicate...
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For each of the transactions, if revenue is to be recognized in October, Year 1, indicate the revenue account title and amount. If revenue is not to be recognized in October, explain why. (a) A customer orders 2,000 women's shirts for $20 each for future delivery from the company. The terms require payment in full withing 30 days of delivery. (b) On October 1, Year 1, a bank lends $2,500 to a company; the note principal and annual interest (12%) are due in one year. Answer from the bank's standpoint. (c) A customer orders and receives 15 personal computers from the Firm; the customer promises to pay $41,200 within three months. Problem 3 (15 points) (a) Type the account and dollar amount if any for case (a) in boxes of the table below. Account Dollar amount Include here if you want to further explain your work (optional): (b) Type the account and dollar amount if any for case (b) in boxes of the table below. Account Dollar amount Include here if you want to further explain your work (optional): (c) Type the account and dollar amount if any for case (c) in boxes of the table below. Account Dollar amount Include here if you want to further explain your work (optional): For each of the transactions, if revenue is to be recognized in October, Year 1, indicate the revenue account title and amount. If revenue is not to be recognized in October, explain why. (a) A customer orders 2,000 women's shirts for $20 each for future delivery from the company. The terms require payment in full withing 30 days of delivery. (b) On October 1, Year 1, a bank lends $2,500 to a company; the note principal and annual interest (12%) are due in one year. Answer from the bank's standpoint. (c) A customer orders and receives 15 personal computers from the Firm; the customer promises to pay $41,200 within three months. Problem 3 (15 points) (a) Type the account and dollar amount if any for case (a) in boxes of the table below. Account Dollar amount Include here if you want to further explain your work (optional): (b) Type the account and dollar amount if any for case (b) in boxes of the table below. Account Dollar amount Include here if you want to further explain your work (optional): (c) Type the account and dollar amount if any for case (c) in boxes of the table below. Account Dollar amount Include here if you want to further explain your work (optional):
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Answer to part a Customer has order 2000 women t shirt at 20 each for future deliver... View the full answer
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date:
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