The following transactions occurred during July 1. Received $920 cash for servic

Question

The following transactions occurred during July 1. Received $920 cash for services provided to a customer during July 2. Recelved $2,400 cash investment from Bob Johnson, the owner of the business 3. Received $770 from a customer in partial payment of his account receivable which arose from sales in 4. Provided services to a customer on credit, $395 5. Borrowed $6,200 from the bank by signing a promissory note. 6. Received $1,270 cash from a customer for services to be rendered next year What was the amount of revenue for July? Multiple Choice $920 $1,315 $2,585 $3,355 K Prev 18 of 19 Next>

Explanation / Answer

Solution:

Amount of revenue for july = Cash service rendered in Point no 1 + Services provided to customer on credit in point no 4

= $920 + $395 = $1,315

Hence 2nd option is correct.

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