Question: Current Attempt in Progress The following independent situations require professional judgment for determining when to recognize revenue from the transactions. Identify when revenue should be

Current Attempt in Progress
The following independent situations require professional judgment for determining when to recognize revenue from the
transactions.
Identify when revenue should be recognized in each of the situations.
a. Southwest Airlines sells you an advance-purchase airline ticket in September for
your flight home in December.
b. Ultimate Electronics sells you a home theater on a "no money down and full payment
in three months" promotional deal.
c. The Toronto Blue Jays sell season tickets online to games in the Skydome. Fans can
purchase the tickets at any time, although the season doesn't officially begin until
April. The major league baseball season runs from April through October.
d. RBC Financial Group loans money on August 1. The loan and the interest are
repayable in full in November.
e. In August, a customer orders a sweater from the Target website, paying with a Target
credit card. The sweater arrives in September. Target sends a bill in October and
receives payment in October.
Current Attempt in Progress The following independent situations require professional judgment

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