Question: Walter's Appliance Company signs an agreement with a customer to sell and install a washing machine. The machine costs $700 and the installation $200. Walter delivers the washing machine on May 1st and is set to install it the next day. The customer pays in cash for the washer at delivery and is billed for the installation. What is the journal entry recorded by Walter on May 1st.
What is the name of the revenue recognition method often used by construction companies in which the company recognizes revenues and gross profits each period based upon the progress of the construction?
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