According to the FASB Accounting Standards Codification, “Casino revenue shall be reported on the accrual basis....
According to the FASB Accounting Standards Codification, “Casino revenue shall be reported on the accrual basis. Revenue recognized and reported by a casino is generally defined as the win from gaming activities, that is, the difference between gaming wins and losses, not the total amount wagered”. Can you show me which account the Casino has to debit and credit to record revenue based on this concept?
Homework Answers
Dr Cash
Cr. Gaming Revenue
(Being revenue generated from gaming activities in the Casino)
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According to the FASB Accounting Standards Codification, “Casino
revenue shall be reported on the accrual basis....
FASB codification research E 10-20 The FASB Accounting Standards Codification represents the single source of authoritative...
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