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For each of the following independent items, indicate when revenue should be recognized.

1. Recognition of revenue from the cash sale of box seat tickets for a hockey game, where the game will occur in the next fiscal period.

2. A machine is sold and delivered to a customer on account in November. The customer pays in full in December.

3. On December 1^st, the consulting firm of Wolf and Fox received $30,000 from a client. The payment was for consulting services to be provided monthly from December of the current year to August of the following year.

4. The September 1^st sale of a new product to retailers who have the right to return unsold products until December 30 of the current year. This is a new product and the company cannot reasonably estimate the returns.

5. A customer puts a $1,200 deposit on a $2,000 audio system on November 1. The customer picks up the item on December 3 and pays the balance owing on January 4 of the next year.