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Ivan
3 years ago
10

On November 15, Meier Company received $3,000 cash from a customer for services that were performed on November 1. According to

the Revenue Recognition Principle, on which date should the revenue be recorded?
Business
1 answer:
Leya [2.2K]3 years ago
7 0

Answer:

November 1

Explanation:

As per generally accepted accounting principles (GAAP), when the goods or services are delivered the revenue should be recorded and the transaction done in all respects.

The principle of revenue recognition occurs when the revenue is realized or earned, whether cash is obtained or not and it also meets the accounting accrual basis. Realizable here means that the consumer receives the product but the payment is made later.

Therefore, the revenue should be recorded on November 1

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A red sleeveless dress has been a fast seller at a clothing store. Which of these might raise the price of the dress? A.A change
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3 years ago
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"Net income for the period was $200,000. The retained earnings account had a beginning balance of $25,000. If the company paid d
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3 0
3 years ago
If the margin of safety is 0, then a.the margin of safety cannot be less than or equal to 0; it must be positive. b.the company
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