Tumulak, Nichole G.

A343

Page 1009
Blesilda Prudencia Company
Multiple Choice
Problem 22-26 Contract Asset & Revenue

22.) A. None
23.) A. None
24.) B. 60,000
25.) D. 200,000
26.) C. 140,000

Page 1010
Giordano Company
Problem 34-39 Existence of a Contract

34.) A. March 1, 20x7

35.) A. None
36.) C. 57,000
37.) C. 57,000
38.) C. Credit Sales Revenue
39.) A. None
ENTRIES

February 1, 20x9
Contract Asset 60,000
Revenues 60,000

March 1, 20x9
Accounts Receivable 200,000
Contract Asset 60,000
Revenues 140,000

March 1, 20x7
No Entry

July 31, 20x7

Accounts Receivable 57,000
Revenue from Sale 57,000

Cost of Sales 34,200

Inventory 34,200

August 31, 20x7

Cash 57,000
Accounts Receivable 57,000