Question: a dress shop makes a large sale for 1000 on...
A dress shop makes a large sale for $1,000 on November 30. The customer is sent a statement on December 5 and payment from the customer is received on December 10. The dress shop follows GAAP and recognizes revenue accordingly. When is the $1,000 considered to be earned?
a) December 5
b) December 10
c) December 1
d) November 30