A customer is interested in buying a pair of walking shoes from Slingshot, an online retailer, on October 15, 2021, for $112. The customer took advantage of a special offer, allowing for a purchase of a second pair of shoes at half price. The customer purchased and paid for both pairs of shoes with a credit card for a total of $168. Shipping was paid by Slingshot (FOB destination) and the shoes were expected to arrive at the customer’s home on October 19, 2021. The standalone selling price of each pair of shoes was $112. The cost to produce each pair of walking shoes is $63.

Using this information - identify and demonstrate the five steps of the revenue recognition process.

Record the transactions associate with this transaction on Slingshot’s financial records