Question

The following transactions occurred during July:

a. Received $1,090 cash for services provided to a customer during July.
b. Issued common stock for $5,800 cash.
c. Received $940 from a customer in partial payment of his account receivable which arose from sales in June.
d. Provided services to a customer on credit, $565.
e. Borrowed $7,900 from the bank by signing a promissory note.
f. Received $1,440 cash from a customer for services to be performed next year.

Required:
What was the amount of revenue for July?

Answer 1

$1,655

Step-by-step explanation:

Revenue results from transactions with customers. We recognize revenue when services or goods have been transferred to customers not as when they are paid.

Calculation of Revenue for July :

Transaction a $1,090

Transaction d $565

Total Revenue $1,655

therefore,

The amount of revenue for July is $1,655.