i only got C as a wrong answer.

Momentous Occasions is a photography business that rents photo booths for parties. A group paid?$1,000 in advance on March 3 to guarantee services for its party to be held April 2. The total cost of the event was to be?$2,500. On April?28, the balance of?$1,500 was paid.

Answer the following questions about the correct application of the revenue recognition criteria.

a

Is the?$1,000 reported as revenue on March?3

b.

On what date was the revenue?earned

c.

Is the?$1,500 reported as revenue on April?28

Momentous Occasions is a photography business that rents photo booths for parties. A group paid $1,000 in advance on March 3 to guarantee services for its party to be held April 2. The total cost of the event was to be $2,500. On April 28, the balance of $1,500 was paid. Answer the following questions about the correct application of the revenue recognition criteria. a. Is the $1,000 reported as revenue on March 3? b. On what date was the revenue earned? c. Is the $1,500 reported as revenue on April 28? a. Is the $1,000 reported as revenue on March 3? No. There is no revenue reported when the cash is received because no work had been completed. b. On what date was the revenue earned? The revenue was earned on April 2. This is when the event took place. c. Is the $1,500 reported as revenue on April 28? No. The $1,500 payment is considered revenue because a cash payment was received. is considered revenue because a cash payment was received. is not included as revenue until the end of the year. was already included as revenue when it was earned on April 2. This is an entry to Accounts Receivable