Rainbow Designers took a $1,500 deposit from a customer when they signed the contract to paint the customer's residence. It took them three weeks to complete the job. On completion the customer paid the $3,500 balance. How should Rainbow Designers recognize revenue for this job assuming the job is performed on one accounting period? The $1,500 as revenue when it is received, and the $3,500 as revenue when it is received. The $1,500 as unearned revenue and the $3,500 as revenue when it is received. $5,000 as revenue at the completion of the project. The $1,500 as unearned revenue and $5,000 as revenue when the project is completed. If your university or college presents its expenses using the terms academic, administration, and student services, the university is presenting their expenses by nature. by function. alphabetically. arbitrarily. When a company reports net income, financial statement users see this as a sign that the company is viable. the company has the ability to sustain itself. the company has the ability to declare dividends. all of the above. When goods and services are bundled in a sales transaction the service must be performed before any revenue is recognized. collection must occur before any revenue is recognized the amount of consideration received for the service must be recognized first. each performance obligation under the contract must be measured separately