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(Revenue Recognition-Point of Sale)
Presented below are three revenue recognition situations.
(a) Gee sells goods to Pluto for $950,000, payment due at delivery.
(b) Gee sells goods on account to Goofy for $750,000, payment due in 45 days.
(c) Gee sells goods to Donald for $400,000, payment due in four installments: the first installment payable in 6 months and subsequent payment due every six months thereafter.
Instructions
Indicate how each of these transactions is reported.
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