Match the transaction description to the accounting principle being applied. The company pays a newspaper $300 for three ads. The ads will appear in June, July, and August (one ad per month). In June, the income statement shows $100 in advertising expense. 2 A real estate developer purchases a piece of land for $300,000. The land has an appraised value of $350,000 and a market value of $375,000. The developer records the purchase at the $300,000 purchase price. 3 A client pays a law firm $450, in advance, for the review of their employment contract. The lawyer assigned to the project completes half of the work in July and the balance in August. The law firm recognizes $225 in revenue in July's income statement. Match each of the options above to the items below Match each of the options above to the items below. Expense recognition (matching) principle Revenue recognition principle Cost (measurement) principle