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On the second day, the same student goes into the University’s Coffee Housebringing in his coffee mug and orders a large coffee and a croissant. Standalone selling prices are $5 for the coffee and $2 for the croissant. The cashier tells the student they are out of croissants. The cashier then offers the student thelarge coffee and a coupon for two croissants (its typical business practice) for $7. The student pays the $7 to the cashier. The cashier gives the student a coupon for two croissants. The barista pours the coffee into the coffee mug and hands it to the student. The student then takes the coffee and the coupon and heads to the dorm to study for the upcoming accounting exam. The Coffee House sells a coupon for twocroissants for $3.50. To increase visits, these coupons can be redeemed any date after the date of purchase. The Coffee House has limited experience with these coupons but, so far, these coupons have always been redeemed.Reference to the proper sections of the FASB codification-Review ASC606 for the five steps in the revenue recognition modelFor each of the five steps:Analyze how each revenue model step applies to this transaction.Refer to the proper ASC section in your memo.For any step that is not applicable, simply indicate it is not applicable.Draw a conclusion as to whether the requirements for that step were complied with.As a final conclusion, determine the amount of revenue that should be recognized with detailed calculations and provide the journal entry to record the transaction.
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