Recognition e1A. ConCept ? Which of the following events would be recognized and recorded in… 1 answer below »

Recognition

e1A. ConCept ▶ Which of the following events would be recognized and recorded in Abril Corporation’s accounting records on the date indicated?

Jan.   15      Abril offers to purchase a tract of land for $280,000. There is a high likeli- hood that the offer will be accepted.

Feb.      2     Abril receives notice that its rent will increase from $1,000 to $1,200 per month effective March 1.

Mar.  29     Abril receives its utility bill for the month of March. The bill is not due until April 9.

June  10      Abril places an order for new office equipment costing $42,000.

July       6     The office equipment Abril ordered on June 10 arrives. Payment is not due until August 1.