FOUNDATION Case studies Revenue recognition Coffee House Part 1: Background: Day one: a college student walks into the Collecouse on campus and orders a large cup of black coffee. The cashier takes the order and says it will cost $5. The student hands the cashier $5. The barista then pours the cofee into a large cup and hands it to the student. The student then husdes off to accounting Requirements: Review the summary of the fire stop, revenue mccognidon model In ASC 606 10 05 04. Abo review ASC 605-10 25-1 and ASC 508 10-25-30. For each of the live S:cp5: Describe how the revenue model applies to this transaction. For any stop that is not applicable, Simply indicate it is not applicable. Draw a conclusion as to whether the requirements for that stop were complied with. As a final conclusion, determine the amount of revenue that should be recognized and provide the cumal entry to record the transaction