Homework

Exercise $3-1($Static$)$ Determine the timing of revenue recognition $($LO$3-1)$

Consider the following situations:

Required:

For each situation, determine the date for which the company recognizes the revenue under accrual$-$bas

$\backslash$table$[[1.,\backslash$table$[[$American Airlines collects cash on June $12$ from the sale of a ticket to a customer. The fight occurs on$],[$August $16]]],[2.,\backslash$table$[[$A customer purchases sunglasses from Eddie Bauer on January $27$ on account. Eddie Bauer receives$],[$payment from the customer on February $2.]]],[3.,\backslash$table$[[$On March $30,$ a customer preorders $10$ supreme pizzas $($without onions$)$ from Pizza Hut for a birthday party.$],[$The pizzas are prepared and delivered on April $2.$ The company receives cash at the time of delivery.$]]],[4.,\backslash$table$[[$A customer pays in advance for a three$-$month subscription to Sports Illustrated on July $1$ Issues are$],[$scheduled for delivery each week from July $1$ through September $30.]]]]$