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Determine the entries to record transaction of aaa company

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Reference no: EM132928392

AAA Company entered into a contract with a private company on July 1, 2020. The private company subscribes for a monthly plan for 12 months and in return, the private company receives free handset. The private company will pay monthly fee of P1,600 and it gets the handset immediately after signing the contract. AAA sells the same handset for P4,800 and the same monthly plans for P1,280 without the handset.

Problem 1: Determine the following:

a. Revenue to be recognized on 2020 and 2021

b. Entries to record the transactions for 2020 and 2021

Reference no: EM132928392

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