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A product shipped on February 1st but invoiced on January 31st should be recorded as revenue for?
February
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If a product is invoiced on January 31st what month should be recorded as revenue?
There are a couple scenarios that can be thought of, your question is a bit obscure: You state the product is "invoiced" on January 31st, but you don't say when the product was sent out. 1. If the product was sent out prior to Invoice then sending the invoice makes absolutely no changes to the books as the transaction was recorded upon shipping. For example your company sold a computer on January 15th and is now sending an invoice for it, the entry would have been made on January 15th, not additional entry required until "after" payment is received. 2. If the product is being shipped with the invoice then it should be recorded the date the transaction occurs. January 31st being that date. It appear that you haven't received payment as of yet, hence the "invoice". Either way on the above, the Journal Entry is as follows on the date the product is sent, whether it is invoiced or not. Accounts Receivable (debit) $$$$ Revenue (credit) $$$$ Whether its January 1st, or 31st. The journal entry should be made the same day. The exception to this rule is if you are using Cash Basis Accounting, then no entry is made until Cash is received for the product, regardless of date.
What is the accounting term for monies that represent servicesproduct delivered but not yet invoiced?
Accounts receivable / Cash. When it's invoiced it will take money out of cash and into the product or service account.
How is a cash payment received from a customer for a product purchased on account recorded?
debit to cash and credit to accounts receivable
How is recorded a cash payment received from a customer for a product purchased on account?
debit to cash and credit to accounts receivable
When should the liability assocated with a product warranty be recorded?
The liability associated with a product warranty should be recorded when the product is sold, as this is when the obligation to honor the warranty arises. At this point, companies must estimate the expected costs of fulfilling the warranty obligations based on historical data and experience. This liability is recognized as a provision in the financial statements, reflecting the future outflow of resources expected to settle the warranty claims.
If a product is invoiced on January 31st what month should be recorded as revenue?
There are a couple scenarios that can be thought of, your question is a bit obscure: You state the product is "invoiced" on January 31st, but you don't say when the product was sent out. 1. If the product was sent out prior to Invoice then sending the invoice makes absolutely no changes to the books as the transaction was recorded upon shipping. For example your company sold a computer on January 15th and is now sending an invoice for it, the entry would have been made on January 15th, not additional entry required until "after" payment is received. 2. If the product is being shipped with the invoice then it should be recorded the date the transaction occurs. January 31st being that date. It appear that you haven't received payment as of yet, hence the "invoice". Either way on the above, the Journal Entry is as follows on the date the product is sent, whether it is invoiced or not. Accounts Receivable (debit) $$$$ Revenue (credit) $$$$ Whether its January 1st, or 31st. The journal entry should be made the same day. The exception to this rule is if you are using Cash Basis Accounting, then no entry is made until Cash is received for the product, regardless of date.
What is the accounting term for monies that represent servicesproduct delivered but not yet invoiced?
Accounts receivable / Cash. When it's invoiced it will take money out of cash and into the product or service account.
What product was released in January 2001 by apple?
iTunes 1.0.
What Nike sb shoes release in January 09?
http://www.skateboardermag.com/skateboarder-news-features/news/nike-sb-product-releases-january-09/ http://www.skateboardermag.com/skateboarder-news-features/news/nike-sb-product-releases-january-09/ http://www.skateboardermag.com/skateboarder-news-features/news/nike-sb-product-releases-january-09/
What is Apple Computer's latest product?
As of February '08, it would be the MacBook Air.
How do you interpret Keebler expiration date P01287A?
The date of "P01287A" on a Keebler product should probably mean January 28, 2017. Although that would not be that the product cannot be eaten on January 29, Keebler would not guarantee its quality after January 28.
How is a cash payment received from a customer for a product purchased on account recorded?
debit to cash and credit to accounts receivable
How is recorded a cash payment received from a customer for a product purchased on account?
debit to cash and credit to accounts receivable
Is anyone familiar with the commission charges of Cochrane shaw capital management and can you instruct them how to buy or sell your investments?
Commission may be deducted from the amount invested with the product provider or paid separately from the product provider. All the fees are usually invoiced already for the services provided. You can actually tell them how to buy or sell your investments. They will only act on your instructions once they have received a signed approval from you. Don't worry because you will be advised how the commission is charged in their recommendations.
What are the release dates for Super Big Product Fun Show - 2008?
Super Big Product Fun Show - 2008 was released on: USA: 4 February 2008
When should the liability assocated with a product warranty be recorded?
The liability associated with a product warranty should be recorded when the product is sold, as this is when the obligation to honor the warranty arises. At this point, companies must estimate the expected costs of fulfilling the warranty obligations based on historical data and experience. This liability is recognized as a provision in the financial statements, reflecting the future outflow of resources expected to settle the warranty claims.
How do you protect an idea not a product but a vision?
In order for something to be protected by copyright, it must be "fixed." That is, it must be written down, recorded, physically formed, etc.
