Answer:
<u>January 1, 2017</u>
Debit: Accounts Receivable $2800
Credit: Deferred Revenue[Wiring Base] - $1120
Credit: Deferred Revenue[Shelving Unit] - $1680
Narration: Contract Detail and invoicing of the client.
<u>February 5, 2017</u>
Debit Deferred Revenue[Wiring Base] - $1120
Credit Revenue Account - [Wiring Base] - $1120
Narration: Revenue recognition of Wiring Base delivered to customer
<u>February 25, 2017</u>
Debit Deferred Revenue[Shelving Unit]- $1680
Credit Revenue Account - [Shelving Unit] - $1680
Narration: Revenue recognition of Shelf delivered to customer
<u>February 25, 2017</u>
Debit: Bank - $2800
Credit: Accounts Receivable - $2800
Narration: Payment received in settlement of contract fully delivered
Explanation:
The question is an example of a Performance Contract.
A Performance Contract is an agreement with a customer by a vendor to discharge a service or provide goods that are distinct from each other. The accounting for this obligations will therefore be recorded and recognized separately.
It is also important to note that the services or goods must be separately identifiable and the customer must be able to derive from each goods on individually or jointly.
The rule is to
- Recognize the contract and invoice amount with the customer as Deferred Income.
- Identify the distinct obligations and services to be provided.
- Identify the transaction amount for each service or good.
- As each obligation is met, the revenue is finally recognized and transferred from Deferred income.
The answer is 562.754405
The total amount she will have to pay back in four years is. 562.754405
Zhang company suggested price of goods bought of $841,000, establishing inventory of $38,400 and ending inventory of $46,900. the common stock amount is $42560.
Average stock is the average amount or price of your stock over two or more accounting periods. It is the mean cost of inventory over a given quantity of time. That price may additionally or may additionally now not equal the median fee derived from the identical data.
<h3>What is the average inventory level?</h3>
The average inventory degree refers to the number of units, now not the monetary fee of these units. Determining average stock degree is simpler than identifying the average inventory cost. There's one less calculation: you do the identical thing, however assign no value to products. You're simply averaging their quantity.
Learn more about average inventory amount here:
<h3>
brainly.com/question/4522984</h3><h3 /><h3>#SPJ4</h3>
<span>The criteria for white-collar crime can include offense elements criminology. To take offense to something is being resentful about an insult or disregard for one's standards, values, principles. In this statement, they are saying that white-collar (the rich) crime typically stems from offensive language or happenings. </span>
