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Puffing Billy Ltd sells goods to Mornington Ltd. The agreement between the two parties states that Mornington Ltd pays for the goods in advance of delivery which will occur in 12 months' time. The control of the goods pass to Mornington Ltd at the date of delivery. Mornington Ltd pays $40 000 to Puffing Billy Ltd on 1 July 2019. Puffing Billy Ltd delivers the goods to Mornington Ltd on 1 July 2020.
Problem 1: Which one of the following is the correct journal entry as at 1 July 2019 for the transaction above?
Select one:
Option 1: Dr Accrued Revenue $40,000 Cr Sales Revenue $40,000
Option 2: None of these
Option 3: Dr Cash $40,000 Cr Sales Revenue $40,000
Option 4: Dr Deferred Revenue $40,000 Cr Sales revenue $40,000
Option 5: Dr Cash $40,000 Cr Deferred Revenue $40,000
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