- TUUUV OULU 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 De 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? Yes. All revenue is reported when the cash is received because cash for the project had been received Click to select your answer(s) and then click Check Answer Clear All Final Check 2 parts remaining