Question

C. Bill& Hold Concept: On June 1st, Joseph & Company received a S500 deposit for 80 cases of wine. On c. C. June 10th the customer identified specific vintages that are included in Joseph's inventory, and asked that Joseph not ship the wine until June 20 so the customer could ready space to store the wine, so Joseph set those wines aside for the customer, boxed and ready for shipment to the customer. On June 20th the wine was shipped and delivered to the customer. Joseph likely would recognize revenue on

Answer 1

Joseph is likely would recognize revenue on June 10th.

On June 10th, customer specifically identified the product and thus it can be said that the customer controls the product.

Revenue can be recognized at the point the customers controls the product and thus revenue is to be recognized on June 10th.