REVENUE RECOGNITION. Volume Electronics sold a television to Sarah Merrifield on December 15, 19x3. Sarah paid $100 at the time of the purchase and agreed to pay $100 each month for 5 months beginning ‘on January 15, 19x4. The television had been purchased by Volume Electronics in June 19x38 at a cost of $450. Volume had paid the $450 in August 19x3.

REQUIRED:

In what month or months should revenue from this sale be recorded by Volume Electronics to ensure proper applicatién of accrual accounting? l01