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Problem 1: A company provided consulting services to a customer on July 27. The company follows accrual basis of accounting. Assume that the company's only cost related to this project was $330 in Salaries Expense. On August 1, the company billed the customer for $600 for the consulting project. On August 21, the customer paid the company's invoice in full. If the company has a July 31 year end, the company's profit for the customer job in the July 31 financial statements would be:
Select one:
a. $930 profitb. $0 profitc. $270 profitd. $330 losse. $600 profit
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