Question
When is revenue earned? Is revenue earned from the following transactions? Give reasons for your answers. Goods costing $7000 are sold for $9500. Goods costing
When is revenue earned?
Is revenue earned from the following transactions? Give reasons for your answers.
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Goods costing $7000 are sold for $9500.
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Goods costing $7000 are sold for $7000.
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Goods costing $7000 are sold for $4500.
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A surveyor sends an account for $15 000 to a builder for work in connection with a subdivision of a block of land.
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An electrical store provides a free service on a television set during the warranty period. The cost to the
store was $250.
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A company receives a dividend of $8000 on one of its investments.
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Goods costing $1000 are sold for $1600. Instead of paying for the goods, the customer cleans the store's windows. This cleaning is normally carried out by an outside contractor at a cost of $1600.
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