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Nick Co. receives inventory costing $1,000 from a supplier in September of 2017 and pays...

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Accounting

Nick Co. receives inventory costing $1,000 from a supplier in September of 2017 and pays the supplier for it in October, sells (and delivers) it to a customer for $1,500 in November but doesnt collect the account receivable until December. Under GAAP, the $1,500 of revenue should be included in the Income Statement of

September

October

November

December

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Exercise 25-2