For this discussion I would like you to walk us through the following examples of applying the Revenue Recognition Principle and each of the five steps used to apply the principle. After you select one of the following examples, your response should clearly identify each of the 5 steps and how you are interpreting/applying each of them to arrive at your conclusion.

Let's imagine that you own a wine store, which provides a monthly wine club. Your customers pay you 600.00 up front for an annual subscription, and every month you send them three of delicious Napa or Sonoma County wine to their doorstep. When do you recognize the revenue?