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1- Pacific Airlines Co. awards members of its Frequent Fliers Club one free round-trip ticket, anywhere...

1- Pacific Airlines Co. awards members of its Frequent Fliers Club one free round-trip ticket, anywhere on its flight system, for every 50,000 miles flown on its planes. How would you account for the free ticket award? Please be specific.

2- Differentiate between a fixed mortgage rate and a variable mortgage rate. Is one better than the other? If so, why would the one that is not as good still be used. Please provide examples.

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The miles earned through nonairline business partners by the members, revenue’s portion from mileage sale would be deferred and recognized when the transportation is given. In the given scenario of the free ticket award, it would be recognized as revenue when the free transportation is given and mileage would be deferred as unearned revenue from transportation

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