a. Byrde Co. purchased a truck. The seller asked for $11,000, but Byrde paid only $10,000 after negotiation. The owner of Byrde Co. 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?

b. Snell Co. performs and completes services for a client in May and bills the client $1,000. In June, the client makes a partial payment of $300 cash for the services. In July, the remaining $700 cash is paid. Determine the monthly revenue recorded in May, June, and July for this service.