Glass Corporation sold merchandise to a customer for $30,000 on credit on July 15. The customer paid Glass the amount due on July 3Under the accrual basis of accounting, which of the following statements is correct with respect to these transactions for Glass Corporation?
a. Glass Corporation would recognize revenue of $30,000 on July 15 when the merchandise was sold.
b. Glass Corporation would recognize revenue of $30,000 on July 31 when the customer paid the amount due.
c. Glass Corporation would recognize revenue of $30,000 evenly over the period from July 15 to July 31.
d. Glass Corporation would not recognize any revenue until the customer paid the amount due on July 31.