2 125 points eBook E3-5 (Algo) Identifying Accrual Basis Revenues [LO 3-1, LO 3-2] According to the revenue recognition principle, revenues should be recognized when or as the company performs acts promised to the customer. For many businesses, this condition is met at the point of delivery of goods or services. The following transactions occurred in September: Required: For each of the transactions, if revenue is to be recognized in September, indicate the amount. (Enter your answers in dollars but not in millions.) References Activity Amount a Guppie Enterprises Inc. issued $21 million in new common stock b. Chrome University received $13,125,000 cash for 105,000 five-game-season football tickets None of the games have been played $ 21,000,000 $ 0 c Chrome played the first football game referred to in (b) $ 2,625,000 d. Mell Construction Company signed a contract with a customer for the construction of a new $656,000 warehouse. At the signing, Moll received a check for $65,600 as a deposit to be applied against amounts earned during the first phase of construction Answer from Mell's standpoint $ 65,600 e A popular snowboarding magazine company received a total of $1,400 today from subscribers. The subscriptions begin in the next fiscal year. Answer from the magazine company's standpoint $ 1,400 t Trus Tee Communications sold a $475 cell phone plan for service in September to a customer who charged the sale on his credit card. Answer from the standpoint of Trus Tee Communications D $