The following transactions relates to revenue recognition issues.

1. Barkley Ltd entered into a contract for the sale of goods with Customer X on 1 June 2020. The goods are delivered on 15 June 2020. Customer x pays for the goods on 30 June 2020. The contract contains a clause that allows Customer X to return the goods up until 30 July 2020 if the goods do not perform according to their specification. [5 Marks]

2. Bonnie Ltd is an insurance agent and provides insurance advisory services to Customer B. Bonnie Ltd receives a commission from insurance company Poppy Ltd when Bonnie Ltd places Customer Bs insurance policy with Poppy Ltd, on 1 April 2018. Bonnie Ltd is required to provide ongoing services to Customer B until 30 March 2019 [5 Marks]

3. Connie Ltd entered into a contract for the sale of goods with Customer C on 1 May 2018. The goods are delivered on 15 May 2018. Customer C pays for the goods on 30 May 2018. The contract contains a clause that allows Customer C to cancel the purchase at any time. This is in addition to normal warranty conditions. [5 Marks]

4. Donnie Ltd entered into a contract for rendering of services with Customer D on 1 May 2018. The services are delivered continuously over a 1-year period commencing on 15 May 2018. Customer D pays for all the services on 15 May 2018. [5 Marks]

5. Eon Ltd entered into a contract for the sale of goods with Customer E on 1 February 2018. The contract requires Customer E to pay for the goods in advance. Customer E pays for the goods on 4 July 2018 and Eon Ltd delivered the goods on 9 October 2018. The control of the goods pass to Customer E at the date of delivery. [5 Marks]

Required:

In each of the above transactions, state at which date, if any, revenue will be recognised and why?