Aflower shop makes a large sale for $1,000 on november 30. the customer is sent a statement on december 5 and a check is received on december 10. th flower shop follows gaap ad applies the revenue recognition principle. when is the $1,000 considered to be earned?

The $1,000 considered to be earned on November 30

Explanation:

According to the Generally Accepted Accounting Principles, the revenue recognized principle says that when sales is made irrespective of whether company received payment or not.

Here recognized means that good are delivered and services are rendered to the customers which is recorded in the books of the accounts on that date itself.

There is no mean when the company received payment from the customer.

So in the given question, the flower shop makes a large sale on November 30 but the check is received on December 10.

By going through the above explanation, the $1000 considered to be earned on November 30 in respect of December 05 or December 10

answer///supply is elastic, and demand is inelastic;