Jenna newbury began a music business in july 2018. newbury prepares monthly financial statements and uses the accrual basis of accounting. the following transactions are newbury company's only activities during july through october:
jul 14 bought music on account for $65, with
payment to the supplier due in 90 days.
aug 3 performed a job on account for alanna turner for $55, collectible from her in 30 days. used up all the music purchased on july 14.
sep 16 collected the $55 receivable from turner.
oct 22 paid the $65 owed to the supplier from the
july 14 transaction.
in which month should newbury report the $55 revenue on its income statement?