Which of the following events would be recognized and recorded in Trattoria Company’s accounting records on the date indicated? Jan 15- Trattoria offers to purchase a tract of land for $140,000. There is a high like-lihood that the offer will be accepted. Feb 2- Trattoria receives notice that its rent will increase from $500 to $600 per month effective March 1. Mar 29- Trattoria receives its utility bill for the month of March. The bill is not due until April 9. June 10- Trattoria places an order for new office equipment costing $21,000. July 6- The office equipment Trattoria ordered on June 10 arrives. Payment is not due until August 1.
Which of the following events would be recognized and recorded in Trattoria Company’s accounting records on the date indicated? Jan 15- Trattoria offers to purchase a tract of land for $140,000. There is a high like-lihood that the offer will be accepted. Feb 2- Trattoria receives notice that its rent will increase from $500 to $600 per month effective March 1. Mar 29- Trattoria receives its utility bill for the month of March. The bill is not due until April 9. June 10- Trattoria places an order for new office equipment costing $21,000. July 6- The office equipment Trattoria ordered on June 10 arrives. Payment is not due until August 1.
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
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 16RE
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Which of the following events would be recognized and recorded in Trattoria Company’s accounting records on the date indicated?
Jan 15- Trattoria offers to purchase a tract of land for $140,000. There is a high like-lihood that the offer will be accepted.
Feb 2- Trattoria receives notice that its rent will increase from $500 to $600 per month effective March 1.
Mar 29- Trattoria receives its utility bill for the month of March. The bill is not due until April 9.
June 10- Trattoria places an order for new office equipment costing $21,000.
July 6- The office equipment Trattoria ordered on June 10 arrives. Payment is not due until August 1.
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