Consider the following events for Sophia Incorporated: 
Under accrual-basis accounting, what is the appropriate day to record the expenses related to the sand volleyball camp?
Definitions:
Producer Surplus
The difference between the amount producers are willing to accept for a good or service versus what they actually receive.
P = MC
An economic principle stating that the optimal level of output occurs when the price (P) equals marginal cost (MC), guiding firms in perfect competition on production decisions.
Perfect Competition
A market structure characterized by a large number of small firms, homogenous products, free entry and exit, and perfect information, leading to firms being price takers.
Marginal Cost
The expense incurred from manufacturing an additional unit of a product.
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