On February 15, Huang Manufacturing received an order for 1,400 industrial fans which each sell for $13,000. The customer provided a 10% down payment at that time. Huang delivered the fans on March 1, and received payment of all amounts due on March 10.

Required:

2. Prepare the journal entries (if any) that Huang would record on February 15, March 1, and March 10 with respect to this transaction.

3. per each of the journal entries, please discuss why your journal entries should be correct for that event according to to the five core steps of revenue recognition.