A guest books a banquet to be held six months from today. The price of the...
A guest books a banquet to be held six months from today. The price of the banquet is $9,000 and the guest pays 10% of that amount today. What amount will be recorded as a sale today?
Homework Answers
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Sale will not be recorded today. Sale will be recorded when delivery or service will be performed- which will be 6 month from now. Amount collected in advance will be recorded under unearned revenue.
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