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On October 2nd, Northside Catering received a $2,000 order to cater a dinner for a customer on October 15th. The dinner went well and
On October 2nd, Northside Catering received a $2,000 order to cater a dinner for a customer on October 15th. The dinner went well and Northside Catering emailed an invoice to the customer on October 17th. The customer's payment was received by Northside Catering on October 26th. According to GAAP (generally accepted accounting principles) and the applicable revenue recognition principle, when will the $2,000 be recognized as revenue?
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