Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 03 Aug 2017 My Price 11.00

Gordon Co

Accounting for IFRS, under the new revenue recognition principle IFRS 15

18-22 (Existence of a Contract) On January 1, 2014, Gordon Co. enters into a contract to sell a cus-
tomer a wiring base and shelving unit that sits on the base in exchange or $3,000. The contract requires
delivery of the base first but states that payment for the base will not be made until the shelving unit
is delivered. Gordon identifies two performance obligations and allocates $1,200 of the transaction
price to the wiring base and the remainder to the shelving unit. The cost of the wiring base is $700; the
shelves have a cost of $320.
Instructions
(a) Prepare the journal entry on January 1, 2014, for Gordon.
(b) Prepare the journal entry on February 5, 2014, for Gordon when the wiring base is delivered to the
customer.
(c) Prepare the journal entry on February 25, 2014, for Gordon when the shelving unit is delivered to
the customer and Gordon receives full payment.

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Aug 2017 11:08 PM My Price 11.00

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