Allstar Inc. sells uniforms and spirit clothing to local school teams. Allen High School placed an order for 50 items for a total selling price of $2,200 on September 14, 2020. The cost of the merchandise to Allstar Inc. is $1,115. To place the order, Allstar Inc. required a $500 down payment on September 14, 2020. Delivery of the order to Allen is completed on October 7, 2020, at which time the remaining balance was collected from Allen. Required:
a. Demonstrate the five steps of the revenue recognition process for this scenario.
b. Record Allstar's entry on September 14, 2020.

Ange in supply or (ii) a movement along the supply curve. a. during a real estate boom that causes house prices to rise, more homeowners put their houses up for sale. b. many strawberry farmers open temporary roadside stands during harvest season, even though prices are usually low at that time. c. immediately after the school year begins, fewer young people are available to work. fast-food chains must raise wages, which represent the price of labor, to attract workers. d. many construction workers temporarily move to areas that have suffered hurricane damage, lured by higher wages. e. since new technologies have made it possible to build larger cruise ships (which are cheaper to run per passenger), caribbean cruise lines have offered more cabins, at lower prices, than before. 2. in the following three situations, the market is initially in equilibrium. after each event described below, does a surplus or shortage exist at the original equilibrium price? what will happen to the equilibrium price as a result? a. in 2010 there was a bumper crop of wine grapes. b. after a hurricane, florida hoteliers often find that many people cancel their upcoming vacations, leaving them with empty hotel rooms. c. after a heavy snowfall, many peop