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Prepare journal entries on july to recognise revenue

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Reference no: EM132698966

Rennie ltd provides a bundled service offering to RAust Ltd. It charges RAust $120,000 for;

Connection fee: 50,000
Access fee: 30,000
Troubleshooting: 54,000

The end of the reporting period for Andrews ltd is 30 June.

Required

Problem a) Calculate the revenues allocated to each of the services being sold

Problem b) Prepare the journal entries to record the transaction in accordance with Aasb 15 on 1 July 2020

Problem c) Prepare journal entries on 31 July 2020 to recognise revenue, assuming Rennie Ltd determines satisfaction of performance obligations monthly

Reference no: EM132698966

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