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Grupo sells goods to mtn for 1000000 payment due at

Question: (Revenue Recognition-Point of Sale) Presented below are three revenue recognition situations.

(a) Grupo sells goods to MTN for $1,000,000, payment due at delivery.

(b) Grupo sells goods on account to Grifols for $800,000, payment due in 30 days.

(c) Grupo sells goods to Magnus for $500,000, payment due in two installments: the first installment payable in 6 months and the second payment due 3 months later. Instructions Indicate how each of these transactions is reported.

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Accounting Basics: Grupo sells goods to mtn for 1000000 payment due at

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