Assessment Assignment ACC201 Assessment Assignment Theory/Model Application and Journal Entries Topic: Revenue Recognition General Instructions For each of the following scenarios you must identify the appropriate revenue recognition approach, timing of entries, and journal entries at each respective date. This assignment will assess your ability to apply the appropriate revenue recognition approach to each scenario as well as properly develop the journal entries that are required at each point in time Scenario #1 Broken Wing airlines is looking to fill its seats on flights to Florida for the upcoming spring break season in advance and has thus engaged in an advertising campaign to bring in new business. As a result the airline was able to increase advanced ticket sales for the following flights March 10th. Flight 103 to Tampa-sold 125 seats at $235 per seat March 17th. Flight 108 to Tampa - sold 95 seats at $217 per seat March 24th. Flight 109 to Tampa - sold 117 seats at s272 per seat These flights were all sold during the week of November 13th at the following rate November 13th, 50% of flight 103, 25% of flight 108 and 25% of fight 109 November 14th 50% of flight 103, 25% of flight 108 and 25% of fight 109 November 16th 50% of flight 108 November 17th: 50% of flight 109 :02 PM