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Rubber Mats Ltd received $400000 cash from a customer on 19 December 2020 in payment...

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Accounting

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Rubber Mats Ltd received $400000 cash from a customer on 19 December 2020 in payment for special purpose matting that is to be manufactured and shipped to the customer in February 2021. Required: a. Identify if an asset, liability, revenue or expense should be recognised in the year ending December 2020. In no more than 100 words justify your answer. (2 marks) b. Prepare the journal entry to record the transaction. Ignore GST. Narrations are not required (1 Mark) (Type your response directly in the text box below.)

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