Ask Question
BusinessBusiness
7 April, 16:40

A customer purchased and received $5,000 of goods on credit from Discount Paper Supply on September 1. The customer received the bill on September 13 and mailed a $5,000 check on September 30. Discount Paper Supply received the check on October 4. On which of the following dates should Discount Paper Supply record sales revenue?

A. September 1

B. September 13

C. September 30

D. October 4

+4
Answers (1)
  1. 7 April, 19:36
    0
    A

    Explanation:

    Sales revenue are recorded when the risks and reward are transferred to the buyer.

    The key factors to determine a complete sales arrangement are price, evidence of sales agreement and delivery to the buyer.

    In the given scenario of discount paper, the price of $5000 has been determined and delivered to the customer.

    The customer did not object to the transaction, which mean acceptance.

    Therefore the sales revenue should be recorded on the date of dispatch which is September 1
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A customer purchased and received $5,000 of goods on credit from Discount Paper Supply on September 1. The customer received the bill on ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
ssume you are the Chief Information Officer (CIO) 1 of the company that you dream of (any company, real or hypothetical).
Answers (1)
Willingness to pay a. measures the value that a buyer places on a good. b. is the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept. c.
Answers (1)
8. Short-run and long-run effects of a shift in demand Suppose that the shrimp industry is in long-run equilibrium at a price of $5 per pound of shrimp and a quantity of 150 million pounds per year.
Answers (1)
Ashley eats two bananas during a particular day. The marginal benefit she enjoys from eating the second banana a.
Answers (1)
Q 2.3: mason corporation purchased a piece of land 5 years ago when the price of land was low. it plans to develop the land into a new facility when their current facility reaches its production limit, which it estimates will be in 4 years.
Answers (1)
New Questions in Business
A (n) is the issuer's written promise to pay an amount equaling the par value. The par value is paid at a specified future date. Most often, the issuer is required to make semiannual interest payments.
Answers (1)
The primary goal of the Consumer Financial Protection Bureau is: A To monitor your credit report and ensure your identity and other sensitive data has not been compromised. B To protect against abusive or deceptive debt collection purposes.
Answers (1)
Jake Skinner purchases a big screen TV on credit and will repay the loan with one payment at the end of 90 days. What type of credit did Jake use?
Answers (1)
Which most likely results from producers engaging in specialization? Producers reduce their costs. Producers increase their market share. Producers decrease the materials needed for production. Producers always offer more competitive pricing.
Answers (1)
The workers at State Hospital, a public sector employer, and Acme Inc, a private employer, are subject to speech censorship and arbitrary job termination. Constitutional issues are present only for the State Hospital workers. TrueFalse
Answers (1)
Home » Business » A customer purchased and received $5,000 of goods on credit from Discount Paper Supply on September 1. The customer received the bill on September 13 and mailed a $5,000 check on September 30. Discount Paper Supply received the check on October 4.
Sign Up Forgot Password?