Identify the proper point to recognize revenue for each of the following transactions. Honey Industries sells a machine in January with terms of no payment due until six months later. Platt Company collects an advance deposit of $700 in July toward the purchase of a $3,000 piece of equipment that is delivered to the customer the following September. C. Naomi Corporation receives payment in October at the time of delivery of a rebuilt engine for a tractor. a. b.