Reference no: EM133144859
Question - Single Performance Obligation - Point in Time vs. Over Time - Anton Video Tech sells the Play Station Portable (PSP) game-box, a gaming console. A PSP game-box is only a gaming module and includes no other goods or services. When should Anton recognize revenue for the following sale of 200 PSP games-boxes to Robcom Computers?
December 20, 2019: Robcom Computers orders 200 games-boxes at a price of P7,600 each, promising payment within thirty (30) days after delivery.
January 1, 2020: Anton delivers 200 PSP game-boxes to Robcom Computers, and title to the PSP game-boxes transfers to Robcom Computers.
January 25, 2020: Anton receives P1,520,000 from Robcom.
Required -
1. Prepare the journal entry(ies) on December 20, 2020.
2. Prepare the journal entry(ies) on January 1, 2020.
3. Prepare the journal entry(ies) on January 25, 2020.
4. Determine the amount of revenue from sales on December 20, 2020.
5. Determine the amount of revenue from sales on January 1, 2021.
6. Determine the amount of revenue from sales on January 25, 2021.
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