Answer:
November 1
Explanation:
As per generally accepted accounting principles (GAAP), when the goods or services are delivered the revenue should be recorded and the transaction done in all respects.
The principle of revenue recognition occurs when the revenue is realized or earned, whether cash is obtained or not and it also meets the accounting accrual basis. Realizable here means that the consumer receives the product but the payment is made later.
Therefore, the revenue should be recorded on November 1
<u>Answer:</u> $455
<u>Explanation:</u>
Security deposit with the landlord =$875
Calculation of painting cost
Given
Painting charges= $5.25
Size = 8ft x 10ft = 80 Sq.ft
Total painting charges= 80 Sq.ft x $5.25
=$420
Calculation of security deposit to be returned
= Total security deposit - painting charges
=875-420
=$455
So from the above calculations it is clear that $455 would be returned to me by the landlord.
