Revenue Recognition Question: Please help with this question I keep getting it incorrectly. A company pre-sells services to be performed from May through September, inclusive. If payment is made in full by April 1, a 5% discount is allowed. In March, 360 customers took advantage of the discount and purchased the summer lawn service package for $700 each. In June, 290 customers purchased the package for $780, and in July, 97 purchased it for the same price. For customers who pay after May 1, service starts in the month the customer makes the payment. How much revenue should be recognized by the company in each of the months of March, April, May, June, July, August, and September? (Round answers to 0 decimal places, e.g. 5,275.)
Revenue Recognition Question: Please help with this question I keep getting it incorrectly. A company pre-sells services to be performed from May through September, inclusive. If payment is made in full by April 1, a 5% discount is allowed. In March, 360 customers took advantage of the discount and purchased the summer lawn service package for $700 each. In June, 290 customers purchased the package for $780, and in July, 97 purchased it for the same price. For customers who pay after May 1, service starts in the month the customer makes the payment. How much revenue should be recognized by the company in each of the months of March, April, May, June, July, August, and September? (Round answers to 0 decimal places, e.g. 5,275.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 11RE
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Revenue Recognition Question:
Please help with this question I keep getting it incorrectly.
A company pre-sells services to be performed from May through September, inclusive. If payment is made in full by April 1, a 5% discount is allowed. In March, 360 customers took advantage of the discount and purchased the summer lawn service package for $700 each. In June, 290 customers purchased the package for $780, and in July, 97 purchased it for the same price. For customers who pay after May 1, service starts in the month the customer makes the payment.
How much revenue should be recognized by the company in each of the months of March, April, May, June, July, August, and September? (Round answers to 0 decimal places, e.g. 5,275.)
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