E3-5 (Algo) Identifying Accrual Basis Revenues (LO 3-1, LO 3-2) According to the revenue recognition principle, revenues should be recognized when or as the company performs acts promised to the customer. For many businesses, this condition is met at the point of delivery of goods or services. The following transactions occurred in September Required: For each of the transactions, if revenue is to be recognized in September, indicate the amount. (Enter your answers in dollars but not in millions.) Amount Activity Ja Guppie Enterprises Inc. issued $24 million in new common stock b. Chrome University received $30,740,000 cash for 106,000 five-game-season football tickets. None of the games have been played c. Chrome played the first football game referred to in (b). d. Mell Construction Company signed a contract with a customer for the construction of a new $532,000 warehouse. At the signing, Mell received a check for $53,200 as a deposit to be applied against amountseamed during the first phase of construction Answer from Mell's standpoint. e. A popular snowboarding magazine company received a total of $2,000 today from subscribers. The subscriptions begin in the next fiscal year. Answer from the magazine company's standpoint. Trus Tee Communications sold a $145 cell phone plan for service in September to a customer who charged the sale on his credit card, Answer from the standpoint of Trustee Communications