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.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 01:50

Which statement below best describes george waring's approach to solving the problems of water-borne illness? a. waring is going with his "gut," because he believes that instincts and emotions are the best guides for action. b. waring efficiently and thoroughly lays out the case for why the problems are too large and overwhelming to be solved: people should just move out of cities back to their farms. c. waring has gathered the testimonies of people who live in densely populated areas in order to learn how they themselves have solved their problems. d. waring exhibits the industrial age's increased respect for and reliance on science and the scientific method.

Answers: 1

Answer

Business, 22.06.2019 11:10

The prebisch–singer hypothesis concludes that: a. technology lowers the cost of manufactured products, so developing countries should see an increase in their terms of trade. b. developing countries experience a long-run decline in their terms of trade, as the demand for primary products in higher-income countries declines relative to their demand for manufactured goods. c. because of unfair trading practices, labor in developing countries is exploited. d. opec has been responsible for a slowdown in the world's standard of living.

Answers: 3

Answer

Business, 22.06.2019 11:40

Select the correct answer brian wants to add a chart to his dtp project. what is the best way he can do this? a draw the chart using the dtp program draw option b create the chart in a spreadsheet then import it c. use the dtp chart wizard to create the chart within the dtp d. create an image of the chart in an image editor then import the image e use html code to create a chart within the dtp program

Answers: 3

Answer

Business, 22.06.2019 15:40

Aprice control is: question 1 options: a)a tax on the sale of a good that controls the market price.b)an upper limit on the quantity of some good that can be bought or sold.c)a legal restriction on how high or low a price in a market may go.d)control of the price of a good by the firm that produces it.

Answers: 1

Answer

You know the right answer?

Allstar Inc. sells uniforms and spirit clothing to local school teams. Allen High School placed an o...

Questions