Live wire hot rod shop follows the revenue recognition principle. live wire services a car on july 31. the customer picks up the vehicle on august 1 and mails the payment to live wire on august 5. live wire receives the check in the mail on august 6. when should live wire show that the revenue was recognized?

July 31

Explanation:

Revenue from a service or good rented or purchased must be issued and recognized exactly on the day the service and good were chosen and reserved by the customer, even if the customer will not use the service or good at that time. day and even if payment is made on another day. In this case, we can state that Live Wire must show that the revenue was recognized on July 31, because it was on that day that it made the car available for customer service.

question 1:

senate and house of representatives

i would try to answer the second question but i’m not 100% positive but i hope i

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