Far Horizons, Inc. sells mobile phones, wireless plans, and service plan packages. Far Horizons packages the following items for sale (Click the icon for sales information) Far Horizons has determined that each item is a separate performance obligation. A customer purchases a new phone package on September 11 Read the requirements Requirement a. Determine how and when the revenue is recognized Item Phone Wireless Plan Amount Description When to Recognize Revenue $ 199.00 Paid when customer purchases the phone Goods or services are transferred at a point in time 40 00 Unlimited calling Minimum per month 24.00 Service Plant per month coverage of 12-months. Paid monthly 12-month coverage Paid when customer purchases the phone Goods or services are transferred over time Goods or services are transferred over time Total When Purchased $ 263.00 Requirement b. Prepare the journal entries for the month of September, assuming Far Horizons makes adjusting entries on September 30 Begin by preparing the journal entries to record the revenue recognized (Record debits first, then credits. Exclude explanations from any journal entries Account September 1 Requirements a. Explain how and when revenue is recognized b. Prepare the journal entries for the month of September, assuming Far Horizons makes adjusting entries on September 30. - X