In the case at hand, the clothes business realized a profit of $1,000 on November 30—the day the transaction was made—the date on which the income was made. So, on November 30, revenue should be recorded.
According to generally recognized accounting rules, a transaction must be signaled by a crucial event, such as the sale of goods or the completion of a project, and payment for the good or service must correspond to the stated price or mutually agreed-upon fee. Revenues are acknowledged when they are earned, not always when they are received. When a customer makes a retail in-store purchase, for example, revenues are frequently earned and received concurrently.
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