Computing Revenue to be Recognized Under Different Scenarios

Answer the requirements for each of the following separate cases.

a$.$ Organic Foods Inc. required an advance payment of $$40$ on March $1$ from a customer for a customized fruit basket. The customer picked up the basket on March $5$ and paid the remaining balance of $$60.$ Determine the amount of revenue that Organic Foods Inc. would record on March $1$ and March $5.$

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