Business, 18.06.2020 03:57 CoreyHammond1517

Consider the following situations:. 1. A company collects cash on June 12 from the sale of a ticket to a customer. The flight occurs on August 16.
2. A customer purchases sunglasses from a company on January 27 on account. The company receives payment from the customer on February 2.
3. On March 30, a customer preorders 10 supreme pizzas (without onions) from a company for a birthday party. The pizzas are prepared and delivered on April 2. The company receives cash at the time of delivery.
4. A customer pays in advance for a three-month subscription to a company on July 1. Issues are scheduled for delivery each week from July 1 through September 30.

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Answer from: jenni8664

Please your question s incomplete , so i will give answers based on the twp accounting procedures for the situations

Consider the following situations to recognize the revenue

1. under accrual-basis accounting.

2. Under cash - basis accounting

Please see below for explanation.

Explanation:

Accrual- basis accounting occurs when revenue and expenses are recognized and documented when they occur usually when a company forwards an invoice to a customer irrespective of when payment is made.

cash basis accounting occurs when revenue and expenses are not recognised and documented until cash is being exchanged.

Based on Accrual- basis accounting

1. A company collects cash on June 12 from the sale of a ticket to a customer. The flight occurs on August 16.

August 16

2. A customer purchases sunglasses from a company on January 27 on account. The company receives payment from the customer on February 2.

January 27

3. On March 30, a customer preorders 10 supreme pizzas (without onions) from a company for a birthday party. The pizzas are prepared and delivered on April 2. The company receives cash at the time of delivery.

April 2

4. A customer pays in advance for a three-month subscription to a company on July 1. Issues are scheduled for delivery each week from July 1 through September 30. recorded as each issue is being delivered from july 1 through september 30

Based on cash- basis accounting

1. A company collects cash on June 12 from the sale of a ticket to a customer. The flight occurs on August 16.

June 12

2. A customer purchases sunglasses from a company on January 27 on account. The company receives payment from the customer on February 2.

February 2

April 2

4. A customer pays in advance for a three-month subscription to a company on July 1. Issues are are scheduled for delivery each week from July 1 through September 30. July 1

Answer from: Quest

answer; /// i believe the correct answer is first in, first out(fifo); //

Answer from: Quest

Ithink its a hope it ! : )

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Consider the following situations:. 1. A company collects cash on June 12 from the sale of a ticket...

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