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Question One – Loftus et al. Exercise 15.5 Measurement – p. 501 Variable Consideration
Soda Ltd sells plastic bottles. Wholesale customers that purchase more than 10 000 bottles per month are entitled to a discount of 6% on their purchases. On 1 March 2016, Customer P ordered 10 crates of bottles from Soda Ltd. Each crate contains 2000 bottles. The normal selling price per crate is $400. Soda Ltd delivered the 10 crates on 15 March 2016. Customer P paid for the goods on 15 April 2016. The end of Soda Ltd’s reporting period is 30 June.
Prepare the journal entries to record this transaction by Soda Ltd for the year ended 30 June 2016.