Discuss when each of the following types of businesses is likely to recognize revenues and expenses.

A bank lends money for home mortgages.

A travel agency books hotels, transportation, and similar services for customers and earns a commission from the providers of these services.

A major league baseball team sells season tickets before the season begins and signs its players to multiyear contracts. These contracts typically defer the payment of a significant portion of the compensation provided by the contract until the player retires.

A producer of fine whiskey ages the whiskey 12 years before sale.

A timber-growing firm contracts to sell all timber in a particular tract when it reaches 20 years of age.