maining closing entries at December 31. Exercises Identify point of revenue reco

Exercises Ea. 1 (LO 1), C The following independent situations require professional judgment for determinity when to recognize revenue from the transactions. a. Southwest Airlines sells you an advance-purchaW airline ticket in Septemt*t for your home in Decxrnber. b. Ultimate Electronics sells you a home theater on a "no money down and full payment in three months" promotional deal. c. The Toronto Blue Jays sell season tickets online to games in the Skydome. Fans can purchase the tickets at any time, although the season doesn't officially begin until April. The major league base- ball season runs from April through October. d. RBC Financial Group loans money on August l. The loan andtheinterest are repayable in full in Novem ber. e. Jn August. a customer orders a sweater from the Target website. paying with aTargetcrediteard. The sweater arrives in September. Target sends a bill in October and receives payment in October. structions