Fox Photography Corporation charges $3,000 to photograph a wedding Customers may print the images elsewhere or have them printed by Fox Each wedding couple receives a coupon for $250 off the purchase of prints from Fox History indicates that 60 of the coupons are used Required Prepare a journal ent...

There are two performance obligations the photographing of the wedding and ...

Fox Photography Corporation charges $3,000 to photograph a wedding. Customers may print the images elsewhere or have

Question:

Fox Photography charges $3,000 to photograph a wedding. Customers may print the images elsewhere or have them printed by Fox. Each wedding couple receives a for $250 off the purchase of prints from Fox. History indicates that 60% of the coupons are used.
Required:
Prepare a journal entry to record the receipt of $3,000 for a typical wedding, received on the wedding day.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Coupon
A coupon or coupon payment is the annual interest rate paid on a bond, expressed as a percentage of the face value and paid from issue date until maturity. Coupons are usually referred to in terms of the coupon rate (the sum of coupons paid in a...