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ACCT 231 ACCT231 ACCT/231 Wk7Hmwk.docx – Katja Iversen Week 7 Homework

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ACCT 231 ACCT231 ACCT/231 Wk7Hmwk.docx – Katja Iversen Week 7 Homework

Katja Iversen

Week 7 Homework

E18-1

1.They should report them as revenue.

2.It is correct because control was transferred to the buyer.

3.I disagree, it is not one of the steps.

4.It is correct.

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ACCT 231 ACCT231 ACCT/231

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ACCT 231 ACCT231 ACCT/231 Wk7Hmwk.docx - Katja Iversen Week 7 Homework, Champlain College

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ACCT 231 ACCT231 ACCT/231 Wk7Hmwk.docx – Katja Iversen Week 7 Homework

Katja Iversen

Week 7 Homework

E18-1

1.They should report them as revenue.

2.It is correct because control was transferred to the buyer.

3.I disagree, it is not one of the steps.

4.It is correct.

5.The distinction is important because revenue is the amount earned from opera-tions whereas gains is the amount earned from non-operations.

E18-12

a.Accounts Receivable $410,000

ACCT 231 ACCT231 ACCT/231 Wk7Hmwk.docx – Katja Iversen Week 7 Homework

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