filming its formal dance and actually pays cash of $4,100 on February 28 at the dance. E3-18 Comparing cash and accrual basis accounting and applying the revenue Momentous Occasions is a photography...

Extracted text: filming its formal dance and actually pays cash of $4,100 on February 28 at the dance. E3-18 Comparing cash and accrual basis accounting and applying the revenue Momentous Occasions is a photography business that shoots videos at college parties. bjectives 1, 2 recognition principle Momentous Occasions is a photography business that shoots videos at college Do The freshman class pays $1,000 in advance on March 3 to guarantee services for i party to be held on April 2. The sophomore class promises a minimum of $2 800 filming its formal dance and actually pays cash of $4,100 on February 28 at the dan Answer the following questions about the correct way to account for revenue under the accrual basis: a. Considering the $1,000 paid by the freshman class, on what date was revenue recognized? Did the recognition occur on the same date cash was received? b. Considering the $4,100 paid by the sophomore class, on what date was revenue recognized? Did the recognition occur on the same date cash was received? es 1, 2 F3. 10 C