Solved: If he uses less oil than the amount ordered he may receive, Accounting Basics

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If he uses less oil than the amount ordered he may receive

Question -

a. Kevin owns several apartment complexes. In order to assure an adequate supply of heating oil for the winter, he must make a deposit of 50% for the amount of heating oil he orders in December. If he uses less oil than the amount ordered, he may receive a refund of a part of his deposit. When may Kevin deduct the December payment?

b. Would your answer be different if the payment was not a deposit but an irrevocable payment?

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Accounting Basics: If he uses less oil than the amount ordered he may receive

Reference No:- TGS02611460

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