Under a supply contract, the engineering workshop Ferrand received from an industrial customer an advance payment of 15,000 covering 50 units identical spare parts deliverable on demand; this payment is shown as a contract liability. During the quarter, Ferrand delivers 20 units parts, of which the customer obtains control on receipt (case data). Record the entry relating to these deliveries.
- Advance payment received
- 15,000
- Parts covered by the payment
- 50
- Parts delivered in the quarter
- 20