Answer:
July 1, 2020
Debit : Accounts Receivable $69,000
Credit : Sales $69,000
July 9, 2020
Debit : Cash $62,100
Debit : Discount allowed $1,380
Credit : Accounts Receivable $69,000
Explanation:
Note : Remove the discount from final payment.
The required journal entries for Swifty Co have been prepared above.
i dont like writing super long paragraphs so here is a list
1) Comunity work
2) helping the elderly
3) obeying your parents
4) paying attention in class
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Answer:
When accounting for revenue over time for a long-term contract, the percentage of completion used to recognize revenue in the first year usually is determined by measuring Costs incurred in the first year, divided by estimated total costs for the completed project
Explanation:
The percentage of completion method of revenue recognition is a concept in accounting that refers to a method by which a business recognizes revenue on an ongoing basis depending on the stages of a project’s completion.
In other words, the percentage of completion method is used for longer-term projects and recognizes revenue and expenses as a percentage of the project’s completion during the period.
