According to U.S. GAAP, when should revenue be recognized? A. When cash is received from the customer B. When the service is performed or the goods have been delivered to the customer C. At the stated date in the contract D. When the goods or services have been priced and offered for sale Cases a. The details of Prepaid Insurance are as follows: Nickelson prepays insurance on March 31 each year. At December 31,$1,900 is still prepaid. b. Nickelson pays employees each Friday. The amount of the weekly payroll is $6,000 for a five-day work week. The current accounting period ends on Thursday. c. Nickelson has a note receivable. During the current year, Nickelson has earned accrued interest revenue of $700 that it will collect next year. d. The beginning balance of supplies was $2,600. During the year, Nickelson purchased supplies costing $6,300, and at December 31 supplies on hand total $2,100. e. Nickelson is providing services for Seal Coast Investments, and the owner of Seal Coast paid Nickelson an annual service fee of $10,100. Nickelson recorded this amount as Unearned Service Revenue. Nickelson estimates that it has earned 80% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,500, and Equipment, $6,100. Which is the correct sequence for recording transactions and preparing financial statements? A. Ledger, trial balance, journal, financial statements B. Ledger, journal, trial balance, financial statements C. Financial statements, trial balance, ledger, journal D. Journal, ledger, trial balance, financial statements Consider each of the following independent cases: Click the icon to view the independent cases.) Requirement