Mcdonald music sells used cds for 400 each during the month, Ask an Expert

Accounting

McDonald Music sells used CDs for $4.00 each. During the month of April, McDonald sold 7,650 CDs for cash and 13,220 CDs on credit. McDonald's cash collections in April included $30,600 for the CDs sold for cash, $12,800 for CDs sold on credit during the previous month, and $29,850 for CDs sold on credit during April.

Required: Calculate the amount of revenue recognized in April under (1) cash-basis accounting and (2) accrual-basis accounting.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9971354

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