Identifying the Five Steps of Revenue Recognition

Match each of the following items a through e$$to each of the steps $1$ through $5$ in the revenue recognition process

StepAnswer $1$Step $1$Step $2$Step $3$Step $4$Step $5$a$.$ The price for preparing a federal tax return is $$200$ and a state tax return is $$100$ if contracted separately.Answer $2$Step $1$Step $2$Step $3$Step $4$Step $5$b$.$ Tax Prep Inc. will prepare the year$-$end federal tax return and state tax return for Customer J$.$Answer $3$Step $1$Step $2$Step $3$Step $4$Step $5$c$.$ The total price for the year$-$end tax preparation is $$300.$Answer $4$Step $1$Step $2$Step $3$Step $4$Step $5$d$.$ Customer J enters into an agreement with Tax Prep Inc. for Tax Prep Inc. to prepare Customer J$$s federal and state tax returns.Answer $5$Step $1$Step $2$Step $3$Step $4$Step $5$e$.$ The federal and state tax returns are completed and approved by Customer J$.$