The following independent situations require professional

judgement to determine when #8517

The following independent situations require professional judgement to determine when to
recognize revenue from the transactions:(a) WestJet sells you a non-refundable one-way airline
ticket in September for your flight home at Christmas.(b) You pay for a one-year subscription to
Maclean's Magazine in March.(c) The Toronto Blue Jays sell season tickets to games in the
Rogers Centre. The season begins in April and ends in October. You purchase your tickets in
February.(d) The RBC Financial Group loans you money in August. The loan and the interest
are repayable in full in November.(e) In August, you order a sweater from Sears using its on-line
catalogue. Th e sweater arrives in September and you charge it to your Sears credit card. You
receive and pay the Sears bill in October.InstructionsIdentify when revenue should be
recognized in each situation.View Solution:
The following independent situations require professional judgement to determine when

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