14. On June 30, a printing shop provides $1.000 of services to a customer to custom print restauran menus. The customer is sent a bill on July 6 for the amount due. A check in the amount $1,000 is received from the customer on July 18, The printing shop follows GAAP and appe the revenue recognition principle. When is the $1,000 revenue recognized? a. June 30 b. July 6 c. July 18 d. July 30 15. Susan Zupan, a lawyer, accepts a legal engagement in March, performs the work in April, and is paid in May. In completing the engagement, Susan Zupan pays no costs in March, S1,000 in April, and $1,500 in May (incurred in April). How much expense should the firm deduct from revenues in the month when it recognizes the revenue? a. 0 b. 1.000 c. 1,500 d. 2,500 16. Revenues for which services are performed but not yet received in cash or recorded are called revenues. a. deferred b. unearned c. accrued d. estimated 17. Crue Company had the following transactions during 2020: Sales of $4,500 on account Collected $2,500 for services to be performed in 2021 Paid $1,625 cash in salaries Purchased airline tickets for $250 in November for a trip that took place in December 2020 What is Crue's 2020 net income using accrual-basis accounting? a. $625. b. $2,625. c. $2,875. d. $5,125