Calmar Corporation sold merchandise to a customer for $30,000 on credit on July 15. The customer paid Calmar the amount due on July 31. Under accrual accounting, how should Calmar record the transaction?

Group of answer choices

The company will recognize the revenue on July 31.

The July 15 transaction increases revenue but has no effect on assets because cash has not been received.

Revenue is recognized after the cost of the merchandise sold has been paid by Calmar.

The July 31 transaction has no effect on total assets under the accrual basis.