Business, 30.03.2020 19:34, superfly903

Lewis Co. sold merchandise to AdCo for $48,000 and received $48,000 for that sale one month later. One week prior to receiving payment from AdCo, Lewis made a $10,000 payment to AdCo for advertising services that have a fair value of $7,000. After accounting for any necessary adjustments, how much revenue should Lewis Co. record for the merchandise sold to AdCo?

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Lewis Co. sold merchandise to AdCo for $48,000 and received $48,000 for that sale one month later. O...