How much revenue should report for the entire year, Accounting Basics

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How much revenue should report for the entire year

Revenue Recognition-Point of Sale

Response to the following problem:

Jupiter Company sells goods on January 1 that have a cost of $500,000 to Danone Inc. for $700,000, with payment due in 1 year. The cash price for these goods is $610,000, with payment due in 30 days. If Danone paid immediately upon delivery, it would receive a cash discount of $10,000.

Instructions

(a) Prepare the journal entry to record this transaction at the date of sale.

(b) How much revenue should Jupiter report for the entire year?

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Accounting Basics: How much revenue should report for the entire year

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Accounting Basics: How much revenue should report for the entire year

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