1. Byrde Company purchased a truck. The seller asked for $14,200, but Byrde paid only $13,200 after negotiation. The owner of Byrde Company believes he got a great deal and the truck is really worth $18,200. What amount does Byrde record on its financial statements for the truck?
2. Snell Company performs and completes services for a client in May and bills the client $4,200. In June, the client makes a partial payment of $1,900 cash for the services. In July, the remaining $2,300 cash is paid. Determine the monthly revenue recorded in May, June, and July for this service.