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Author Question: Clean Sweep agreed to clean an office building on a weekly basis for 1,000 per week. The contract ... (Read 72 times)

ssal

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on: Jul 5, 2018
Clean Sweep agreed to clean an office building on a weekly basis for 1,000 per week. The contract began on August 15, and Clean Sweep cleaned the building twice during August.
 
  Clean Sweep received 2,000 cash in September for the cleaning performed in August. How much revenue should Clean Sweep recognize in August using accrual accounting?
  What will be an ideal response?

Question 2

A consignor who has goods out on consignment with an agent should include the goods in ending inventory eventhough they are notin the possession of the consignor.
 a. True
  b. False
 
   Indicate whether the statement is true or false


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momtoalll

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Reply #1 on: Jul 5, 2018
Answer to Question 1

Clean Sweep should recognize two weeks, or 2,000, of revenue.

Answer to Question 2

True


ssal

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Reply 2 on: Jul 5, 2018
Thanks for the timely response, appreciate it

raili21

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Reply 3 on: Yesterday
Gracias!

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