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What is retention payments? There could be times when a client wants to ensure the services of an accountant, lawyer, or other professional by paying

  • What is retention payments? There could be times when a client wants to ensure the services of an accountant, lawyer, or other professional by paying a retention payment.Therefore, how are those payments factored in the revenue recognition?

  • Revenue Recognition- Assume the yearly membership fee is $180 and assume a customer gets a membership on 7/1/18.What would be the debit/credit entry on 7/1/18 and subsequent monthly adjusting entries in August and September? What would happen if the customer asks for a refund on 12/1/18?

  • What are some qualitative and quantitative disclosures are required related to revenue recognition?

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