The following are independent situations that require professional judgement for determining when to recognize revenue from the transactions. 1. Costco sells you a one-year membership with a single, one-time upfront payment. This non-refundable fee is paid at the time of signing the contract, and entitles you to shop at Costco for one year. 2. DOT Home and Patio sells you patio furniture on a no money down, no interest, and no payments for one year promotional deal. The furniture is delivered to your home the same day. 3. The Toronto Blue Jays sell season tickets online to games in the Rogers Centre. Fans can purchase the tickets at any time, although the season does not officially begin until April 1. The season runs from April 1 through September each year. Payment is due in full at the time of purchase. 4. CIBC lends you money in August. The loan and interest are repayable in full in two years. 5. Students pre-register for fall classes at Seneca College in August. The fall term runs from September to December. 6. Hudsons Bay Company (HBC) sells you a sweater. In August, you place an online order. The sweater is shipped and arrives in September and you charge it to your HBC credit card. In October, you receive the HBC credit card statement and pay the amount due. 7. In March, Hometown Appliances sells a washing machine with an extended warranty plan for five years. The washing machine will not be delivered to the customer until June. Payment is due upon delivery. The extended warranty plans are normally sold separately. 8. Premier Health Clubs sells you a membership with an initiation fee (which covers a medical assessment) and an ongoing monthly fee. The initiation fee is payable at the time of the medical assessment and approximates the cost of the medical assessment. For each scenario, identify what is being sold: goods, services, or a combination.

1. A _________ is being sold. 2. A __________is being sold. 3. A __________ is being sold. 4. A _________ is being sold. 5. A __________ is being sold. 6. A _________ is being sold. 7. A ________ is being sold. 8. A __________ is being sold.

Options for the blanks are:

a) goods

b) services

c) a combination of goods and services