Below are transactions for lobos, inc., during the month of december. calculate the amount of revenue to recognize in december.
a. receive $1,200 cash from customers for services to be provided next month.
b. perform $900 of services during the month and bill customers.
c. customers are expected to pay next month.
d. perform $2,300 of services during the month and receive full cash payment from customers at the time of service.

$ 3,200

Explanation:

As per the accrual principle, income and expenses are recognized when they are incurred, regardless of whether payment has been made or received. For example, expenses are recognized when a product is bought, or service utilized even if payment has not been made.

For Lobos Inc., income for December will be

$ 900 of services to customers and payment expected next month

$ 2300 services performed and paid in December

The $1200 payment for next month is not an income for December. The services have not been performed; hence income cannot be recognized.

Total income will be $900 + $2300= $ 3,200

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