Accounting Help: Byrde Company purchased a truck. The seller asked for $11,000, but Byrde paid only

Byrde Company purchased a truck. The seller asked for $11,000, but Byrde paid only $10,000 after negotiation. The owner of Byrde Company believes he got a great deal and the truck is really worth $15,000. What amount does Byrde record on its financial statements for the truck?

Snell Company performs services for a client in May and bills the client $1,000. In June, Snell receives a partial payment of $300 cash. In July, the remaining $700 cash is received. Determine the monthly revenue recorded in May applying revenue recognition principle.

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