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INSTRUCTIONS for PART 2: (50 points) Prepare a second Accounting Issues Memo addressing the concerns of EYE SPY with respect to the last 2 steps
INSTRUCTIONS for PART 2: (50 points) Prepare a second Accounting Issues Memo addressing the concerns of EYE SPY with respect to the last 2 steps of revenue recognition. The client is uncertain about the allocation of the transaction price, if more than 1 performance obligation was identified in part 1. The client is uncertain when revenue may be recognized during the time of the contract. The client wants guidance as to the implications for its financial statements as of the May 31 and June 30, 2021. (Note: Even if you conclude that some journal entries should be recorded monthly, for purposes of this case, show the cumulative journal entry recorded for the months of May and June. Show all calculations.) Writing will count. Your responses must be supported by properly referenced Codification excerpts
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