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Prepare memo detailing how revenue recognition will change

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Reference no: EM132757132

Question - Jerry's Ice Cream Parlor is considering a marketing plan to increase sales of ice cream cones. The plan will give customers a free ice cream cone if they buy 10 ice cream cones at regular prices. Customers will be issued a card that will be punched each time an ice cream cone is purchased. After 10 punches, the card can be turned in for a free ice cream cone. Jerry Donovna, the company's owner, is not sure how the new plan will affect accounting procedures. He realizes the company will be incurring costs each time a free ice cream cone is awarded but there will be no corresponding revenue or cash inflow.

Required -

1. Prepare memo detailing how revenue recognition will change if the new plan is implemented.

2. Memo should include specific revenue recognition accounting terminology and journal entry(ies).

Reference no: EM132757132

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