For each of the following transactions, indicate the point at which (1) the initial transaction is recognized and (2) the financial statement element is realized: a Inventory is purchased on credit on 1 August and is received on 14 August. It is paid for on 12 September. b A customer buys a product on credit on 13 November and takes immediate delivery, promising to pay on 1 February of the following year. c Expected warranty claims on products sold are accrued as the sales are made. Warranty claims are made at the end of the subsequent fiscal year. A cash payment is made to the customer at the beginning of the year following the claim. d A customer orders a custom-built machine and pays when the order is placed on 20 February. The machine is delivered on 10 March. e The company uses a substantial amount of electricity. The electric utility issues bimonthly bills (i.e., one every two months) three weeks following the two-month usage period. A sale on credit is completed on 20 January; the product is delivered on 1 February. Payment is received on 1 March.