Reference no: EM132651992
Question - On January 5, 2018, GOBERT Company enters into a non-cancellable contract to transfer beauty products to Donovan on April 5, 2018. The contract requires that Donovan pay consideration of P 2,000 in advance on January 15, 2018 Donovan pays the consideration on March 5, 2018. Then GOBERT Company transferred the product on March 31, 2018.
1. What is the entry on January 15, 2018 when payment of the contract is due?
a. Receivable 2,000
Contract Liability 2,000
b. Receivable 2,000
Revenue 2,000
c. Contract Liability 2,000
Revenue 2,000
d. No Entry
2. What is the entry to record the receipt of cash of P 2,000 on March 5, 2018?
a. Cash 2,000
Revenue 2,000
b. Cash 2,000
Receivable 2,000
c. Receivable 2,000
Revenue 2,000
d. Cash 2,000
Contract Liability 2,000
3. What is the entry on March 31, 2018 to record satisfaction of performance obligation?
a. Cash 2,000
Receivable 2,000
b. Receivable 2,000
Revenue 2,000
c. Contract Liability 2,000
Revenue 2,000
d. No Entry
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