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13-11-2019
Business

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A flower shop makes a large sale for $1,000 on November 30. The customer is sent a statement on December 5 and a check is received on December 10. The flower shop follows GAAP and applies the revenue recognition principle. When is the $1,000 considered to be recognized?
A) December 10
B) November 30
C) December 1
D) December 5

Respuesta :

billiejo27569 billiejo27569

13-11-2019

Answer:

November 30

Explanation:

The $1000 is recognized as a debit to Accounts Receivable and a credit to Sales Revenue on November 30. The journal entry would look like this:

Nov 30 Accounts Receivable 1,000

Sales Revenue 1,000

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