Problem: Tom's Wear purchased plain T-shirts and printed logos on the T-shirts in January. The T-shirts were sold to customers in February. Tom's Wear received the final cash payments in March. According to the realization principle, when should revenue be recorded? A. January B. February C. March D. record revenue in both February and March E. record revenue in January, February, and March
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Problem Details
Tom's Wear purchased plain T-shirts and printed logos on the T-shirts in January. The T-shirts were sold to customers in February. Tom's Wear received the final cash payments in March. According to the realization principle, when should revenue be recorded?
A. January
B. February
C. March
D. record revenue in both February and March
E. record revenue in January, February, and March
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Our tutors have indicated that to solve this problem you will need to apply the Revenue Recognition and Expense Recognition concept. You can view video lessons to learn Revenue Recognition and Expense Recognition. Or if you need more Revenue Recognition and Expense Recognition practice, you can also practice Revenue Recognition and Expense Recognition practice problems.
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Based on our data, we think this problem is relevant for Professor Smith's class at OSU.