Black Kat bills a customer $$1,000$ for services performed in May. In June, the customer makes a payment of $$700.$ Which of the following is true?

$1.$

$$Only $$700$ of revenue is recognized

$2.$

$$700$ is recognized in June and $$300$ upon next payment

$3.$

All of $$1,000$ is recognized as revenue

$4.$

$$1,000$ will only be recognized once entire amount is paid