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E18-3B (Revenue Recognition?Point of Sale)Presented below are three revenue recognition situations. (a) Gee sells goods to Pluto for $950,000, payment due at delivery. (b) Gee sells goods on account to Goofy for $750,000, payment due in 45 days. (c) Gee s

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E18-3B (Revenue Recognition?Point of Sale)Presented below are three revenue recognition situations.;(a) Gee sells goods to Pluto for $950,000, payment due at delivery.;(b) Gee sells goods on account to Goofy for $750,000, payment due in 45 days.;(c) Gee sells goods to Donald for $400,000, payment due in four installments: the first installment;payable in 6 months and subsequent payment due every six months thereafter.;Instructions;Indicate how each of these transactions is reported.

 

Paper#75372 | Written in 18-Jul-2015

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