7.

Consider the following three scenarios: I. DEF Lawncare performed lawn maintenance services for Trzemzalski Corporation on June 1st, and received payment of $500 for those services. II. On June 1st, Dawson Company received payment for 100 pounds of raw material to be delivered to Drake Incorporated in 6 months. III. Fullerton, LLC collected cash on June 1st for services rendered on May 1st. Given these scenarios, revenue cannot be recognized on June 1st for: Multiple Choice I only I, II II, III only III only Which of the following is considered a performance obligation? Multiple Choice Up-front registration fees for a gym membership A right of returning electronic products within 60 days of purchase Extended warranties on electronic products Quality-assurance warranties on electronic products Examples of internal transactions include all of the following except: Multiple Choice Writing off an uncollectible account. Recording unpaid interests. Recording the expiration of prepaid insurance. Paying salaries to company employees