Practice prompt · Q:transactions-to-statements/delivery-before-invoice-002

Equipment received before the invoice

Choose the recording date when equipment arrives before its invoice.

Updated Aug 30, 2026 Review due Nov 30, 2026

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Lakeview Packaging accepts delivery of $15,000 of equipment on December 29. The purchase order states the price and requires payment after delivery. The invoice arrives on January 4, and Lakeview pays on January 25. On which date should Lakeview record the equipment and Accounts Payable?

Choose the best answer. A December 29, when the equipment is delivered and accepted. B January 4, when the invoice arrives. C January 25, when the company pays. D No entry until the equipment is used in production.

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Answer: A

Lakeview Packaging records the equipment and payable on December 29, when it accepts delivery and becomes obligated to pay the stated price. The invoice and payment support later steps but do not set the purchase date.