Below are transactions for Lobos, Inc., during the month of December. Calculate the amount of revenue to recognize in December. If the transaction does not require the company to recognize a revenue indicate how it would report the transaction.
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. Customers are expected to pay next month.
c. Perform $2,300 of services during the month and receive full cash payment from customers at the time of service.