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How much of the collected mil should chester show

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Problem 1: In the month of March the Chester Corporation received and delivered orders of 201,000 units at a price of $15.00 for revenue of $3.015mil for their product Cent. Chester uses the accrual method of accounting and offers 30 day credit terms. By the end of May Chester had collected payments of $3.015mil for the March deliveries. How much of the collected $3.015mil should Chester show on the March 31st income statement and how much on the May 31st income statement?

Option 1: $1.508mil in March; $1.508mil in May

Option 2: $3.015mil in March; $0 in May

Option 3: $0 in March; $3.015mil in May

Option 4: $0.995mil in March; $2.020mil in May

Reference no: EM132815180

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