In each of the following situations, give the following:

1. Which date(s), if any, revenue will be recognised in accord with AASB 15.

2. The journal entries to record the recognition of revenue and the receipt of payment. Your journal entry must show the date in the date column and each journal entry must have a narrative. The accounts you should consider using are:

Revenue, Accounts receivable, Money received in advance and Cash

1. A contract for the rendering of services for a total of $2,000 is entered into on 1 March 2020. The services are delivered on 7 March 2020. The buyer receives an invoice for the services on 1 March 2020. The buyer pays cash to settle the invoice on 6 March 2020. (9 marks)

1. Date or dates of revenue recognition: .

2. Show your journal entries for question 3 part 1 in the journal below, expand the table as needed:

Date	Account	Debit	Credit
1 march 2020

2. Surf Ltd sells surf boards. Wholesale customers that purchase more than 50 surf boards per month are entitled to a discount of 5% on their purchases. On 1 January 2019, P Mart ordered 162 surf boards from Surf Ltd. The normal selling price per surf board is $80. Surf Ltd delivers 54 of the surf boards to P Mart at the beginning of each month for 3 months commencing on 1 February 2019. The buyer pays cash for the goods on 15 January 2019. (13 marks)

1. Date or dates of revenue recognition: ..

2. Show your journal entries for question 3 part 2 in the journal below, expand the table as needed:

Date	Account	Debit	Credit