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An oil company signs a binding contract on 2/5 with a customer to deliver a shipment of heating oil on 2/11. The agreed price is

An oil company signs a binding contract on 2/5 with a customer to deliver a shipment of heating oil on 2/11. The agreed price is $4000, to be paid within 30 days.

TRUE or FALSE: The signing of the contract on 2/5 is not sufficient for the oil company to recognize the revenue for the sale of heating oil.

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