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Landline Corporation is a public company with a calendar year-end. Landline provides a wide variety of telecommunications services to a number of different customer groups, including routing calls to one of several providers of psychic services with whom Landline has contracts. In October 20X9, a new psychic service provider, Psychics 'R' Us (PRU), enters into an agreement with Landline, and Landline adds PRU to its providers of psychic services.
Requirements
Question 1: What are the accounting issue(s) and the relevant components of the authoritative literature? Assume, for purposes of interpreting the Codification, that Landline is the ''entity.''
Question 2: Should Landline recognize revenue gross (i.e., as a principal) for the amount billed to the customer for their time spent using the ''1-900'' number, or net (i.e., as an agent) for the net amount retained by Landline?
Question 3: What journal entries are necessary to appropriately account for each minute a customer spends using PRU's ''1-900'' number?
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