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Romeo & Juliet Ltd received $40,000 cash from a customer on 12 October 2020 in...

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Accounting

Romeo & Juliet Ltd received $40,000 cash from a customer on 12 October 2020 in payment for equipment to be manufactured and shipped to the customer on 20 March 2021.

Required:

Refer to definitions and recognition criteria of the elements of financial statements to discuss how to report the above transaction on 12 October 2020.

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