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The following are independent situations that require professional judgment for determining when to recognize revenue from the transactions

The following are independent situations that require professional judgment for determining when to recognize revenue from the transactions. 1. Costco sells you a one-year membership with a single, one-time upfront payment. This non-refundable fee is paid at the time of signing the contract, and entitles you to shop at Costco for one year. 2. DOT Home and Patio sells you patio furniture on a "no money down, no interest, and no payments for one year" promotional deal. The furniture is delivered to your home the same day. 3. The Toronto Blue Jays sell season tickets on-line to games in the Rogers Centre. Fans can purchase the tickets at any time, although the season does not officially begin until April 1. The season runs from April 1 through October each year. Payment is due in full at the time of purchase. 4. CIBC lends you money in August. The loan and interest are repayable in full in two years. 5. Students pre-register for fall classes at Seneca College in August. The fall term runs from September through December. 6. Sears sells you a sweater. In August, you place the order using Sears on-line catalogue. The sweater is shipped and arrives in September and you charge it to your Sears credit card. In October, you receive the Sears credit card statement and pay the amount due. 7. In March, Hometown Appliances sells a washing machine with an extended warranty plan for five years. The washing machine will not be delivered to the customer until June.

Apr 12 2020 View more View Less

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