1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Simora [160]
3 years ago
15

Great Visions Company entered into a contract with ABC Carpet Company on January 15, 2020. The delivery date of March 1 was spec

ified in the contract, but Great Visions did not deliver until March 31, 2020. According to the contract, a full payment of $75,000 was due 30 days after delivery. When should this contract be recorded?
Business
1 answer:
inn [45]3 years ago
8 0

Answer:

March 31, 2020

Explanation:

The accrual accounting principle states that you must record transactions in the accounting periods in which they occur, and the conservatism principle states that revenues should only be recorded when the earning process has been substantially completed.

In this case, only March 31 fulfills both requirements, since the goods were delivered on that day: same accounting period + earning process completed.

You might be interested in
In an enterprise-class database system, business users interact directly with the DBMS, which directly accesses the database dat
nikklg [1K]

Answer:

False

Explanation:

In an enterprise-class database system, business users can not interact directly with the DBMS, which directly accesses the database data

7 0
3 years ago
Whats a marketing plan
padilas [110]

Answer:

a plan for marketing

Explanation:

hmm...

5 0
3 years ago
Which of the following directly generates revenue for a business?
BartSMP [9]

Answer:

Assets is the answer. A is correct

7 0
3 years ago
Read 2 more answers
The development of market power by a firm is considered to be a market failure because firms with market power will
Zepler [3.9K]
The correct answer is that firms with market power will produce less and charge a higher price than what would be socially optimal.
7 0
3 years ago
Which party signs a contract with a health insurance company and thus, owns the health insurance policy?
raketka [301]
"Policyholder" <span>signs a contract with a health insurance company and thus, owns the health insurance policy.
</span>

A policyholder refers to a person who owns and claims a protection or insurance arrangement and has the privilege to practice all benefits under the agreement of protection, aside from where limited by the privileges of an appointee. A policyholder could conceivably be the safeguarded, or the sole or one of the recipients of the policy. Likewise called policyowner.
3 0
3 years ago
Other questions:
  • The staff at company headquarters seemed to have a problem with motivation, so the organization’s leadership brought in Herb Sew
    13·1 answer
  • Moss County Bank agrees to lend the Ivanhoe Company $365000 on January 1. Ivanhoe Company signs a $365000, 6%, 9-month note. The
    14·1 answer
  • Karen has $800 to open a checking account. She wants an account with the lowest fees. She only writes about five checks per mont
    10·2 answers
  • Perez Manufacturing purchased raw materials worth $ 4 comma 000 on account. The journal entry to record the purchase of raw mate
    15·1 answer
  • How does this app work?
    15·2 answers
  • Johnny’s Lunches is considering purchasing a new, energy-efficient grill. The grill will cost $40,000 and will be depreciated ac
    14·1 answer
  • Derek can deposit $279.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month.
    6·1 answer
  • Explain one disadvantage of selling shares as a source of raising finance in a private limited company.
    8·1 answer
  • Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of oper
    14·1 answer
  • What button is used to format a tables text to make it more interesting??
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!