1 answer

Momentous Occasions is a photography business that shoots videos at college parties. The freshman class pays...

Question:

Momentous Occasions is a photography business that shoots videos at college parties. The freshman class pays $1,000 in advanc
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Momentous Occasions is a photography business that shoots videos at college parties. The freshman class pays $1,000 in advance on March 3 to guarantee services for its party to be held on April 2. The sophomore class promises a minimum of $2,800 forming its formal dance and actually pays cash of 54,100 on February 28 at the dance Read the requirements The recognition a. Considering the $1.000 paid by the freshman class, the revenue was recognized occur on the same date cash was received
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Answers

Based on the information available in the question, we can answer as follows:-

Requirement 1:-

The $1,000 received from the Freshman class will be recognized on the date when the services related to it were performed. i.e :- April 2. The revenue recognition will NOT OCCUR on the date it was received. Under Accrual Basis of accounting, the revenue recognition will occur only on the date when the services relating to such activity was performed.

Requirement 2:-

The $4,100 paid by Sophomore class will be recognized on February 28 when the dance was shot(Service completed on that date). The recognition did OCCUR on the same date the cash was received.

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