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Company A signs a contract with the Company B and delivers to company B and...

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Accounting

Company A signs a contract with the Company B and delivers to company B and invoices company B for 500 phones at the price of $100 per phone on December 31, 2014. Company A also provides Company B with a 90-day warranty for any defects any customers of Company B's has with the phones from the date of their purchase of the phone from company b.

Can a firm recognize revenue? Why or why not? Are any journal entries required? Refer if possible to the FASB 5-step Revenue Recognition Model

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