Identifying Customer Control and Recording Advance Payment Allstar Inc. sells uniforms and spirit clothing to local school teams. Allen High School placed an order for 40 items for a total selling price of $1,760 on September 14, 2020. The cost of the merchandise to Allstar Inc. is $892. To place the order, Allstar Inc. required a $400 down payment on September 14, 2020. Delivery of the order to Allen is completed on October 7, 2020, at which time the remaining balance was collected from Allen. a. Demonstrate the five steps of the revenue recognition process for this scenario. Description of revenue recognition step Application of the revenue recognition step Step 1 Identify the contract. Step 2 Identify the performance obligation(s). Step 3 Determine the transaction price. Step 4 Allocation of transaction price (from St Step 5 Recognize revenue when the perform: Calculation of transaction price: 0 0 b. Record Allstar's entry on September 14, 2020. Cash Account Name 0 Dr. Cr. 400 0 0 400 0