Able sells a piece of equipment to Smythe for $1,800 on...

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Able sells a piece of equipment to Smythe for $1,800 on August 1. The equipment cost $1,000. The equipment is picked up by Smythe on August 10. The contract also includes a 12 month service plan. How many performance obligations are included in this transaction? 2 When a contract is expected to affect the risk, timing, or amount of the entity's future cash flows, the contract is said to have ________. commercial substance The amount of consideration that an entity expects to be entitled to as a result of providing goods or services to a customer is the ________. transaction price The local Mini Mart makes sales of $2,000 on April 5, 2016. The journal entry to record the transaction would be to ________. Cash 2,000 Sales 2,000 Revenue recognition deals with the issues of timing and measurement. True A performance obligation is a promise to transfer a good or service that is ________. distinct Walker Consulting helped McCall Roofers put various cost saving techniques into place. The contract
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