Question: 1in december x company receives an order for 50000 worth...
1.In December, X company receives an order for $50,000 worth of product. The order requests $30,000 of product to be shipped in January and $20,000 to be shipped in February. Due to unexpected high demand, X company shipped only $15,000 of product in January and the remaining $35,000 shipped in February. The customer paid the entire $50,000 in March. How much revenue should X record in each of the months in question?
2.Dewey, Cheatem and How, LLP provided $40,000 of legal services in March to a particular client. The bill was prepared and mailed in April and cash was received in May. When should the revenue be recorded?