I need help with my financial accounting exam. Can you solve the following problem in 2 hours? I need it back in 2 hours:

Problem 4 - 8 points

1-List in summary form the FASBs 5-step Revenue Recognition Model described in ASC606.

2 - Given the following scenarios, can/should a firm recognize revenues?Yes or No and why or why not?Discuss any journal entries required in each case.

a.Craig Company delivers on consignment 100 new state of the art M Phones to a consignee.The consignee has the right to return any unsold M Phones to Craig after 90 days.Craig invoices the consignee $100 for each M Phone upon delivery and the consignee immediately pays Craig upon delivery of the 100 M Phones.The consignee takes title to the M Phones immediately upon delivery from Craig.The consignee maintains and pays for the insurance on the M Phones while they are in the consignee's possession.

b.Craig signs a contract with the Browning Company to provide them with various consulting services on an ad-hoc basis over the next 12 months.Craig invoices Browning in advance $100,000 for these consulting services which are estimated at 500 hours at $200 per hour.Browning pays Craig for this invoice within 30 days of invoicing.At the end of the 12 month period both parties reconcile the consulting services provided by Craig to Browning and any overpayment is refunded at the time by Craig to Browning or Craig invoices Browning for any services provided in excess of the original advance.

c.Craig signs a contract with Roberts and delivers to Roberts and invoices Roberts for 500 M Phones at the price of $100 per M Phone on December 31, 2016.Craig also provides Roberts with a 90 day warranty for any defects any customers of Robert's has with the M Phones from the date of purchase of the M Phone from Roberts.

d.John Paul Jones, CPA prepares the corporate tax returns for a local furniture manufacturer for which Jones would normally charge a client $5,000 to prepare.The local furniture manufacturer pays Jones by supplying his office with a normal retail selling price of $6,000.The delivery of the tax returns by Jones and Jones' receipt of the furniture both take place on April 1, 2017.

How will Jones record providing the tax return services and receipt of the office furniture on April 1, 2017 on his books?If the value of the furniture was not known ( i.e. it was discontinued furniture sitting in the manufacturer's warehouse from years ago), how would Jones record this transaction?