Moncada Services had an Accounts Receivable balance of $26,800 on July 1. During the month of July, total credits to Accounts Receivable were $61,600 from customer payments. The July 31 Accounts Receivable balance was $21,000. What was the amount of credit sales during July? $38,400 $67,400 $61,600 bo $55,800 $5,800 According to the revenue recognition principle, revenue is recorded when: Services are performed Either when the cash is received or the services are performed, which ever happens first Either when the cash is received or the services are performed, which ever happens second The cash is received Question 2 (2 points) According to the revenue recognition principle, revenue is recorded when: Services are performed Either when the cash is received or the services are performed, which ever happens first Either when the cash is received or the services are performed, which ever happens second The cash is received