FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Indomitable Company sold 100,000 gallons of heating oil at P30 per gallon. Fifty thousand gallons were delivered on December 15, 2020, and the remaining 50,000 gallons were delivered on January 15, 2021.
Payment terms were: 50% due on October 1, 2020, 25% on the first delivery, and the remaining 25% due on the second delivery.
What amount of sales revenue should be recognized during 2020?
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