Revenue recognition-point of sale

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Reference no: EM13765368

(Revenue Recognition-Point of Sale)

Presented below are three revenue recognition situations.

(a) Gee sells goods to Pluto for $950,000, payment due at delivery.

(b) Gee sells goods on account to Goofy for $750,000, payment due in 45 days.

(c) Gee sells goods to Donald for $400,000, payment due in four installments: the first installment payable in 6 months and subsequent payment due every six months thereafter.

Instructions

Indicate how each of these transactions is reported.

Reference no: EM13765368

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