Perry Company is in the heating and cooling business. Perry's best-selling item is a comprehensive package for a heating and cooling system maintenance check, tune-up, and energy efficiency test. Perry typically signs these service contracts with customers two or three months before actually performing the service. Perry collects the cash from these service contracts 30 days after the service is performed. According to the 5-step process in the FASB's revenue recognition standard, when can Perry Company recognize revenue from a particular service contract?  

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According to the 5step process in the FASBs revenue recognition standard ASC 606 Perry Company can r... View the full answer