Question
On November 8, Maple Company enters into a contract to deliver$6,000 of merchandise on account to Spirit Company with the shipping terms of FOB destination.
On November 8, Maple Company enters into a contract to deliver$6,000 of merchandise on account to Spirit Company with the shipping terms of FOB destination. Maples cost of this merchandise is $2,000. Maple delivers the merchandise on December 3 but it is not received by Spirit until December 5. Maples fiscal year end is November 30. On which date would Maple recognize the revenue?
November 8
November 30
December 3
December 5
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Advanced Accounting
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
11th Edition
978-0132568968, 9780132568968
