Consumers market. this is because teenagers don't NEED stereo equipment to live
Answer:
a. It should record revenue on a monthly basis
The Revenue Recognition principle in accounting posits that revenue should only be recognized after the goods and services that the revenue was paid for, have been delivered.
Seacoast Magazine has not delivered the magazine and will do so monthly for 18 months. It should therefore apportion profits to those months and only recognize the profit after the magazines are delivered.
b. Amount of revenue for 8 issues:
= 36/ 18 issues * 8 issues
= 2 * 8
= $16
Answer:
1. Dr Salaries expense 590
Cr Bank 590
2. No journal entry is required
3. Dr Vehicle maintenance 390
Cr Bank 390
Explanation:
1. Entry will be created because salaries are of companies employees.
2. In event 2 there is not mentioned of any company equipment purchase and mostly payment is done through checks in company not through credit cards.
3. This event is solely business event because it is clearly stated of company vehicle.
