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On January 5, 2018, GOBERT Company enters into a non-cancellable contract to transfer beauty products to Donovan on April 5, 2018. The contract requires that
- On January 5, 2018, GOBERT Company enters into a non-cancellable contract to transfer beauty products to Donovan on April 5, 2018. The contract requires that Donovan pay consideration of P 2,000 in advance on January 15, 2018 Donovan pays the consideration on March 5, 2018. Then GOBERT Company transferred the product on March 31, 2018. What is the entry on January 15, 2018 when payment of the contract is due?
- On January 5, 2018, BALDWIN Company enters into a cancellable contract to transfer product G to Mr. Guiao on April 5, 2018. The contract requires that Mr. Guiao pay consideration of P 2,000 in advance on January 15, 2018. Mr. Guiao pays the consideration on March 5, 2018. Then BALDWIN delivered the product on March 31, 2018.What is the entry on March 31, 2018 to record satisfaction of performance obligation?
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Fundamentals Of Financial Accounting
Authors: Fred Phillips, Shana Clor Proell, Robert Libby, Patricia Libby
7th Edition
1265440166, 978-1265440169
