Assignment 6-7 () Requirement 1 (b) Revenue Recognition on Date (a) Delivery Cash Receipt (c) Preparation 18 July Inventory 456,000 Inventory 456,000 Inventory 456,000 Cash 456,000 Cash 456,000 Cash 456,000 24 August Inventory 60,000 Inventory 60,000 Inventory 60,000 Cash 60,000 Cash 60,000 Cash 60,000 Inventory 196,000 516,000 Sales 712,000 10 September Accts Rec 712,000 Accts Rec 712,000 Accts Rec 712,000 Sales 712,000 Inventory 516,000 Inventory 712,000 Deferred gross margin 196,000 516,000 Inventory 516,000 22 November Cash 712,000 Cash 712,000 Cash 712,000 Accts Rec 712,000 Accts Rec 712,000 Accts Rec 712,000 516,000 Deferred gross margin 196,000 Sales 712,000
Assignment 6-7 () Requirement 1 (b) Revenue Recognition on Date (a) Delivery Cash Receipt (c) Preparation 18 July Inventory 456,000 Inventory 456,000 Inventory 456,000 Cash 456,000 Cash 456,000 Cash 456,000 24 August Inventory 60,000 Inventory 60,000 Inventory 60,000 Cash 60,000 Cash 60,000 Cash Inventory Sales 196,000 516,000 60,000 712,000 10 September Accts Rec 712,000 Accts Rec 712,000 Accts Rec 712,000 Sales 712,000 Inventory Deferred gross margin 516,000 196,000 Inventory 712,000 Inventory 516,000 516,000 22 November Cash 712,000 Cash 712,000 Cash 712,000 Accts Rec 712,000 Accts Rec Deferred gross margin Sales 516,000 196,000 712,000 712,000 Accts Rec 712,000