The Canon Corporation sells ten copiers to the Title Company on October 15 for $40,000. Canon delivers the copiers to Title on October 20; Title pays $16,000, and agrees to pay the balance on November 10.

Under the accrual basis, how much revenue should Canon recognize in November?

$0 T/F

Question

Sophie Peters

Business

6 September, 07:28

The Canon Corporation sells ten copiers to the Title Company on October 15 for $40,000. Canon delivers the copiers to Title on October 20; Title pays $16,000, and agrees to pay the balance on November 10.

Under the accrual basis, how much revenue should Canon recognize in November?

$0 T/F

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Answers (1)

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Camilla · Answer 1

TRUE

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Explanation:

Accrual Basis is an accounting Principle that defines how to do accounting with accrual income and accrual Expenses, Under this principle, all accrual expenses get debited today but all accrual income must be a credit on that day when they received.

In this situation, canon corporation will get remain balance on November 10 but we can not record that it Earned.

The Canon Corporation sells ten copiers to the Title Company on October 15 for $40,000. Canon delivers the copiers to Title on October 20; Title pays $16,000, and agrees to pay the balance on November 10.Under the accrual basis, how much revenue should Canon recognize in November?$0 T/F

The Canon Corporation sells ten copiers to the Title Company on October 15 for $40,000. Canon delivers the copiers to Title on October 20; Title pays $16,000, and agrees to pay the balance on November 10.

Under the accrual basis, how much revenue should Canon recognize in November?

$0 T/F