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7.On July 1, 2018, Gulf Inc. entered into a contract to deliver one of its specialty machines to Island Co. The contract requires IslandCo to pay the contract price of $3,000 in advance on July 15, 2018. Island Co. paysGulfInc on July 15, 2018, and dGulf Inc delivers the machine (with cost of $ 1,900) on July 31, 2018. The journal entry on July 1, 2018, forGulf Inc. is: A- Credit to Uneamed Sales Revenueof $ 3000. B - Credit to Sales Revenue of $ 3000 C. Debit to cash of $ 3000 D- None of above On 1/1/2017, ABC CO. signed a contract with a client to sell goods. Control of the goods will pass to the customer after 3 years (31/12/2019). The contract includes two alternative payment options: Paying $ 93170 after 3 years when the customer gets control of the original or $ 70000 upon signing the contract on 1/1/2017 The customer chose to pay $ 70000 upon signing the contract theimplied interest rate used 10 % cost of goods sold is $63000 9-the interest expense recognized on for the year ended on 31/12/2018 is S... 10-Gross profit recognized on 31/12/2019 is $.... 11. On Sep 1, 2019 Jordan company sign contract to sell goods to Amman corp. Jordan company offers its customers a 6% volume discount if they purchase at least JD 600000, of its product during 12 months from the contract date. On Dec 31, 2019,Jordan company has made sales of JD 400,000 to Amman corp. In the previous 2 years, Jordan companysold annuallyover JD 1,000,000 to Amman corp. The Net sales recognized during 2019 is JD. ............ 12- On Dec 31,2019.5% of your assets are held in Euros. Your currency loses ' %ofits value against the Euro before the financial statements are authorized to issue on march 31, 2020 You need to: A Adjust the financial statements B. Don't Adjust the financial statements, but disclose the details in note C. Ignore it. D. Adjust the financial statements and disclose the details in