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What is the amount of receivable to be recorded on february

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On January 1, 2019, AMCAR Corp. enters into a non-cancellable contract with Nusseltn for then sale of dying machine for P800,000. The dying machine will be delivered to Nusselt on April 1, 2019. The contract requires Nusselt to pay in advance the P800,000 on February 1. Nusselt made the payment on March 1.

Problem a. What is the amount of receivable to be recorded on February 1?

Problem b. What is the entry on the date of payment, March 1?

Problem c. When do you recognize the revenue?

Reference no: EM132835730

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