$[LO1]$ The following represents the five steps $in$ the revenue recognition model, $in$ random order:

$A.$ Determine the transaction price

$B.$ Identify the contract with the customer

$C.$ Recognize revenue $as$ the entity satisfies performance obligations

$D.$ Allocate the transaction price $to$ the performance obligations $in$ the contract

$E.$ Identify the performance obligations $in$ the contract

Which $of$ the following $is$ the correct order for the five$-$step revenue recognition model?

Answer

Unselected

$B,A,D,E,C$

Unselected

$B,E,A,D,C$

Unselected

$E,A,B,D,C$

Unselected

$E,B,A,D,C$