Momentous Occasions is a photography business that shoots videos at parties. An alumni reunion group pays $1,000 in advance on March 3 to guarantee services for its party to be 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?