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Answer:
1. American Airlines collects cash on June 12 from the sale of a ticket to a customer. The flight occurs on August 16.
- Revenue is recognized on August 16.
2. A customer purchases sunglasses from Eddie Bauer on January 27 on account. Eddie Bauer receives payment from the customer on February 2.
- Revenue is recognized on January 27.
3. On March 30, a customer pre-orders 10 supreme pizzas (without onions) from Pizza Hut for a birthday party. The pizzas are prepared and delivered on April 2. The company receives cash at the time of delivery.
- Revenue is recognized on April 2.
4. A customer pays in advance for a three-month subscription to Sports Illustrated on July 1. Issues are scheduled for delivery each week from July 1 through September 30.
- Revenue is recognized on an equal monthly rate during July, August and September.
1. American Airlines operates a flight from Dallas to Los Angeles on August 16. The pilots' salaries associated with the flight are paid on September 2.
- Expenses are recognized on August 16 (generally wages expense is recognized at the end of the month, but it should be recognized on a day that the employee performed).
2. Eddie Bauer pays cash on January 6 to purchase sunglasses from a wholesale distributor. The sunglasses are sold to customers on January 27.
- Expenses are recognized on January 27 (COGS is recognized only after the goods are sold, before they are part of inventory).
3. On January 1, Pizza Hut pays for a one-year property insurance policy with coverage starting immediately.
- Expenses are recognized on an equal monthly basis staring on January and ending on December (12 months).
4. Sports Illustrated signs an agreement with CBS on January 12 to provide television advertisements during the Super Bowl. Payment is due within 3 weeks after February 4, the day of the Super Bowl. Sports Illustrated makes the payment on February 23.
- Expenses are recognized on February 4.
Explanation:
According to accrual accounting system, expenses and revenues are recognized only after they actually occur, not necessarily when they are paid or collected.
The date for which the company recognizes the revenue under accrual-basis accounting is :
1. American Airlines collects cash on June 12 from the sale of a ticket to a customer. The flight occurs on August 16.
- According to accrual accounting system the Revenue is recognized on August 16.
2. A customer purchases sunglasses from Eddie Bauer on January 27 on account. Eddie Bauer receives payment from the customer on February 2.
- According to accrual accounting system Revenue is recognized on January 27.
3. On March 30, a customer pre-orders 10 supreme pizzas (without onions) from Pizza Hut for a birthday party. The pizzas are prepared and delivered on April 2. The company receives cash at the time of delivery.
- According to accrual accounting system Revenue is recognized on April 2.
4. A customer pays in advance for a three-month subscription to Sports Illustrated on July 1. Issues are scheduled for delivery each week from July 1 through September 30.
- According to accrual accounting system Revenue is recognized on an equal monthly rate during July, August and September.
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1. American Airlines operates a flight from Dallas to Los Angeles on August 16. The pilots' salaries associated with the flight are paid on September 2.
- According to accrual accounting system Expenses are recognized on August 16.
2. Eddie Bauer pays cash on January 6 to purchase sunglasses from a wholesale distributor. The sunglasses are sold to customers on January 27.
- According to accrual accounting system Expenses are recognized on January 27 .
3. On January 1, Pizza Hut pays for a one-year property insurance policy with coverage starting immediately.
- According to accrual accounting system Expenses are recognized on an equal monthly basis staring on January and ending on December (12 months).
4. Sports Illustrated signs an agreement with CBS on January 12 to provide television advertisements during the Super Bowl. Payment is due within 3 weeks after February 4, the day of the Super Bowl. Sports Illustrated makes the payment on February 23.
- According to accrual accounting system Expenses are recognized on February 4.
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