A guest books a banquet to be held seven months from today. The price of the...
A guest books a banquet to be held seven months from today. The price of the banquet is $11,000, and the guest pays 20% of that amount today. What amount will be recorded as a sale today?
Homework Answers
Correct Answer : 0 ( no sales should be recorded today)
Explanation :
The sale of service or goods shall be recorded only when it is performed or delivered to the customer. 20% paid is an advance hence it should be recorded as unearned revenue & to be shown in liability side of the balance sheet.
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A guest books a banquet to be held seven months from today. The
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