Party Time Company rents and sells vending machines, DJ equipment, and party supplies such as bounce houses, rock walls and decorations. Party Time offers a 30-day, money-back return on all non-holiday merchandise that it sells. Party Time also offers a two-year warranty on all of its vending machines at no additional cost.
Party Time had the following transactions throughout the year. Assume Party Time uses accrual accounting:
For each situation, determine if revenue should be recognized on each date and, if so, how much should be recognized. Please write out each transaction date and the amount that should be recognized on that date. If no revenue is recognized on a transaction date, explain why. Be sure to show all calculations.
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