Brief Exercises Identify the order of the five steps in the revenue recognition process. BE3.1 (LO 1), K Number the following steps of the revenue recognition process (from 1-5) to place in the correct order. a. Allocate the transaction price to the separate performance obligations. b. Identify the contract with customers. Identify the separate performance obligations in the contract. d. Recognize revenue when each performance obligation is satisfied. e. Determine the transaction price. C. Identify impact of transactions on cash and net income. BE3.2 (LO 1), C Transactions that affect net income do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. a. Purchased $100 of supplies for cash. b. Recorded an adjusting entry to record use of $20 of the above supplies. c. Made sales of $1,300, all on account. d. Received $800 from customers in payment of their accounts. e. Purchased equipment for cash, $2,500. f. Recorded depreciation of building for period used, $600. Indicate why adjusting entries are needed