For each of the following circumstances, identify which revenue recognition criterion/ criteria is/are NOT met at the point of sale, preventing the recognition of revenue at that time. (Italics identify the entity for which you are accounting.)
Circumstance Revenue recognition criteria not met
a. An apartment owner receives a deposit of SI,200 equal to one month’s rent.
b. An insurance company receives annual premiums for fire insurance on June 25 for coverage beginning July 1.
c. A city' transit authority issues 200,000 monthly passes at $80 each for sale at various retailers. Retailers act as consignees for these passes.
d.A city transit authority sells 50,000 monthly passes at S80 each to transit riders at its own retail offices/stores.
e. A provincial lottery corporation delivers 10 million scratch-and-win cards to retailers. The cards retail for $2 and generate a commission of $0.20 per card for the retailer. The retailer can return unsold cards to the lottery corporation.