subject
Business, 09.04.2021 03:20 sunshine0613

Allstar Inc. sells uniforms and spirit clothing to local school teams. Allen High School placed an order for 90 items for a total selling price of $3,960 on September 14, 2020. The cost of the merchandise to Allstar Inc. is $2,007. To place the order, Allstar Inc. required a $900 down payment on September 14, 2020. Delivery of the order to Allen is completed on October 7, 2020, at which time the remaining balance was collected from Allen. a. Demonstrate the five steps of the revenue recognition process for this scenario.
Description of revenue recognition step Application of the revenue recognition step
Step 1
Step 2
Step 3 Calculation of transaction price:
Step 4
Step 5
b. Record Allstar's entry on September 14, 2020.
Account Name Dr. Cr.
c. Record Allstar's entries on October 7, 2020.
Account Name Dr. Cash Cr.
Sales Revenue
To record the sale of product.
To record the cost of sale of product.

ansver
Answers: 2

Other questions on the subject: Business

image
Business, 22.06.2019 02:20, lovehelping1564
Neon light company of kansas city ships lamps and lighting appliances throughout the country. ms. neon has determined that through the establishment of local collection centers around the country, she can speed up the collection of payments by one and one-half days. furthermore, the cash management department of her bank has indicated to her that she can defer her payments on her accounts by one-half day without affecting suppliers. the bank has a remote disbursement center in florida. a. if neon light company has $2.90 million per day in collections and $1.18 million per day in disbursements, how many dollars will the cash management system free up?
Answers: 2
image
Business, 22.06.2019 08:30, Naomi7021
Conor is 21 years old and just started working after college. he has opened a retirement account that pays 2.5% interest compounded monthly. he plans on making monthly deposits of $200. how much will he have in the account when he reaches 591 years of age?
Answers: 2
image
Business, 22.06.2019 12:40, daphnewibranowsky
Kumar consulting operates several stock investment portfolios that are used by firms for investment of pension plan assets. last year, one portfolio had a realized return of 12.6 percent and a beta coefficient of 1.15. the average t-bond rate was 7 percent and the realized rate of return on the s& p 500 was 12 percent. what was the portfolio's alpha?
Answers: 1
image
Business, 22.06.2019 19:30, jaybeast40
Oz makes lion food out of giraffe and gazelle meat. giraffe meat has 18 grams of protein and 36 grams of fat per pound, while gazelle meat has 36 grams of protein and 18 grams of fat per pound. a batch of lion food must contain at least "46,800" grams of protein and 70,200 grams of fat. giraffe meat costs $1/pound and gazelle meat costs $2/pound. how many pounds of each should go into each batch of lion food in order to minimize costs? hint [see example 2.]
Answers: 1
You know the right answer?
Allstar Inc. sells uniforms and spirit clothing to local school teams. Allen High School placed an o...

Questions in other subjects:

Konu
Mathematics, 14.10.2020 16:01