Indicate the amount of revenue, if any, in each of the following transactions, assuming the accrual basis

Question:

Indicate the amount of revenue, if any, in each of the following transactions, assuming the accrual basis of accounting is used.

a Goods that cost \(\$ 700\) are sold for \(\$ 800\) cash.

b Goods that cost \(\$ 700\) are sold on account for \(\$ 800\).

c Goods that cost \(\$ 800\) are sold on account for \(\$ 800\).

d Goods that cost \(\$ 850\) are sold for \(\$ 800\) cash.

e Cash of \(\$ 800\) is received from customers to apply to their accounts.

f A deposit of \(\$ 800\) is received on a \(\$ 20,000\) order for goods.

g Bonds are issued for \(\$ 20,000\) cash.

h Shares of common stock are issued for \(\$ 20,000\) cash

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Accounting An Introduction To Concepts Methods And Uses

ISBN: 9780030452963

2nd Edition

Authors: Sidney Davidson, Roman L. Weil, Clyde P. Stickney

Question Posted: