Question
In the Month of March, Chester received orders of 98 units at a price of $15.00 for their product Cat. Chester uses the accrual method
In the Month of March, Chester received orders of 98 units at a price of $15.00 for their product Cat. Chester uses the accrual method of accounting and offers 30 day credit terms. Chester delivers 98 units in April. They received payment for 49 units in March, and 49 units in April. In the March income statement, how much revenue is recognized on the March income statement from this order? How much in the April Income statement?
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
4th Canadian edition
978-1259269868, 978-1259103292
