The closing process includes the following journal entries: Dr. Revenues, Cr. Income Summary. Dr. Income Summary, Cr. Expenses O Dr. R/E, Cr. Dividends Declared all of the above none of the above When a company reports net income, financial statement users see this as a sign that the company is viable. O the company has the ability to sustain itself. the company has the ability to declare dividends all of the above. Rainbow Designers took a $1,500 deposit from a customer when they signed the contract to paint the customer's residence. It took them three weeks to complete the job. On completion the customer paid the $3,500 balance. How should Rainbow Designers recognize revenue for this job assuming the job is performed on one accounting period? The $1,500 as unearned revenue and $5,000 as revenue when the project is completed. The $1,500 as unearned revenue and the $3,500 as revenue when it is received. $5,000 as revenue at the completion of the project. The $1,500 as revenue when it is received, and the $3,500 as revenue when it is received. During the current year, BMI Corporation sold $1,250,000 in goods that cost $750,000. Cash sales were $500,000 and credit sales $750,000. BMI collected $500,000 of the credit sales during the year. What amount of revenue should BMI recognize for the year under the revenue recognition criteria of the contract-based approach? O $ 750,000 $ 500.000 $ 1,000,000 $1,250,000