{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T20:13:27-04:00", "answer_date": "2024-05-26 20:13:27", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1758597", "url": "\/study-help\/questions\/allstar-inc-sells-uniforms-and-spirit-clothing-to-local-school-1758597", "question_creation_date_js": "2024-05-26T20:13:27-04:00", "question_creation_date": "May 26, 2024 08:13 PM", "meta_title": "[Solved] Allstar Inc. sells uniforms and spirit cl | SolutionInn", "meta_description": "Answer of - Allstar Inc. sells uniforms and spirit clothing to local school teams. Allen High School placed. an order for 75 items | SolutionInn", "meta_keywords": "allstar,inc,sells,uniforms,spirit,clothing,local,school,teams,allen,high,placed", "question_title_h1": " Allstar Inc. sells uniforms and spirit clothing to local school teams. Allen High School placed. an order for 75 items for a total selling", "question_title": " Allstar Inc. sells uniforms and spirit clothing to local school teams.", "question_title_for_js_snippet": "Allstar Inc sells uniforms and spirit clothing to local school teams Allen High School placed an order for 75 items for a total selling price of $3,300 on September 14, 2020 The cost of the merchandise to Allstar Inc is $1,673 To place the order, Allstar Inc required a $750 down payment on September 14, 2020 Delivery of the order to Allen is completed on October 7, 2020, at which time the remaining balance was collected from Allen a Demonstrate the five steps of the revenue recognition process for this scenario Description of revenue recognition step Application of the revenue recognition step Step 1 Step 2 Step 3 Calculation of transaction price Step 4 Step 5 b Record Allstar's entry on September 14, 2020 Cash Account Name Dr Cr 0 0 0 0 c Record Allstar's entries on October 7, 2020 Account Name Dr Cr Cash 0 0 Commission Revenue 0 0 Sales Revenue 0 0 To record the sale of product Cost of Goods Sold Inventory 0 0 0 0 To record the cost of sale of product 44", "question_description": "\"image", "transcribed_text": "Allstar Inc. sells uniforms and spirit clothing to local school teams. Allen High School placed. an order for 75 items for a total selling price of $3,300 on September 14, 2020. The cost of the merchandise to Allstar Inc. is $1,673. To place the order, Allstar Inc. required a $750 down payment on September 14, 2020. Delivery of the order to Allen is completed on October 7, 2020, at which time the remaining balance was collected from Allen. a. Demonstrate the five steps of the revenue recognition process for this scenario. Description of revenue recognition step Application of the revenue recognition step Step 1 Step 2 Step 3 \" Calculation of transaction price: Step 4 Step 5 \" b. Record Allstar's entry on September 14, 2020. Cash Account Name Dr. Cr. 0 0 0 0 c. Record Allstar's entries on October 7, 2020. Account Name Dr. Cr. Cash 0 0 Commission Revenue 0 0 Sales Revenue 0 0 To record the sale of product. Cost of Goods Sold Inventory 0 0 0 0 To record the cost of sale of product 44", "related_book": { "title": "International Accounting", "isbn": "978-0136111474, 0136111475", "edition": "7th Edition", "authors": "Frederick D. Choi, Gary K. Meek", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/127.jpg", "uri": "\/textbooks\/international-accounting-7th-edition-9780136111474", "see_more_uri": "" }, "free_related_book": { "isbn": "B0C5RYLWDM", "uri": "\/textbooks\/mizuno-jpx923-hot-metal-right-hand-mens-irons-size-7x5g-b0c5rylwdm-130629", "name": "Mizuno Jpx923 Hot Metal Right Hand Mens Irons Size 7X5G", "edition": "" }, "question_posted": "2024-05-26 20:13:27", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/determine-the-maximum-weight-of-the-crate-so-that-the", "description": "Determine the maximum weight of the crate so that the tension developed in any cable does not exceed 450lb. 2 ft 1ft 2 f 2 ft,", "stars": 3 }, { "url": "\/bates-co-had-the-following-balances-on-december-31-201x", "description": "Bates Co. had the following balances on December 31, 201X: The accountant for Bates has asked you to make an adjustment because $430 of janitorial services has just been performed for customers who...", "stars": 3 }, { "url": "\/study-help\/internet-marketing\/what-is-the-role-of-cl-v-in-relationship-marketing-1812331", "description": "What is the role of CL V in relationship marketing?", "stars": 3 }, { "url": "\/study-help\/coaching-supervision-a-practical-guide-for-supervisees\/understand-qualitative-demands-at-work-and-how-these-can-affect-1980185", "description": "understand qualitative demands at work and how these can affect employees;", "stars": 3 }, { "url": "\/on-january-1-2014-cron-corporation-issued-700000-in-bonds", "description": "On January 1, 2014, Cron Corporation issued $700,000 in bonds that mature in five years. 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