Measurement dates for recognition LO4 Soda Ltd sells plastic bottles. Wholesale customers that purchase

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Measurement — dates for recognition   LO4 Soda Ltd sells plastic bottles. Wholesale customers that purchase more than 10 000 bottles per month are entitled to a discount of 6% on their purchases. On 1 March 2019, Customer P ordered 10 crates of bottles from Soda Ltd. Each crate contains 2000 bottles. The normal selling price per crate is $400. Soda Ltd delivered the 10 crates on 15 March 2019. Customer P paid for the goods on 15 April 2019. The end of Soda Ltd’s reporting period is 30 June. Required Prepare the journal entries to record this transaction by Soda Ltd for the year ended 30 June 2019.

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Financial Reporting

ISBN: 978-0730363361

2nd Edition

Authors: Janice Loftus ,Ken Leo ,Sorin Daniliuc ,Belinda Luke ,Hong Nee Ang ,Karyn Byrnes

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