DQuestion 10 1 pts The first step in the process for recognition is to O allocat

Question

DQuestion 10 1 pts The first step in the process for recognition is to O allocate tra on price. O identify the contract with cust DQuestion 11 1 pts New Age Computers manufectures and sells pagers and radio paging systems which include a 180 day warranty on product defects. It also sells an extended warranty which provides an additional two years of protection. On May 10, it sold a paging system for $4,500 and an extended warranty for another $1.400. The journal entry to record this transaction would include of $1.400 O a credit to Sales of $4,500 and a credit to Warranty Revenue of $1.400 of $5,900. O a credit to Unearned Warranty ue of $1.400

Explanation / Answer

1. Option D. identify the contract with customers. The Identification of contacts with customer helps to recognize when and how to recognize income throughout the contract.

2. Option D. a credit to Unearned Warranty Revenue of $1,400. The transaction must include entry about extended warranty revenue. which is as shown in option D.

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