Reference no: EM133069946

Question - Revenues are normally recognized when a company transfers promised goods or services to customers in the amount the company expects to be entitled to receive. Expense recognition is guided by an attempt to match the costs associated with the generation of those revenues to the same time period. Assume that the following transactions occurred in January:

The campus bookstore receives 680 accounting texts at a cost of $91 each. The terms indicate that payment is due within 30 days of delivery.

During the last week of January, the campus bookstore sold 420 accounting texts received in (e) at a sales price of $120 each.

Required - For each of the transactions, if an expense is to be recognized in January, indicate the expense account title and the amount. (If expense is not recognized choose "None".)