Question

The following transactions occurred during July:
1. Received $900 cash for services provided to a customer during July.
2. Received $2,200 cash investment from Barbara Hanson, the owner of the business.
3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.
4. Provided services to a customer on credit, $375.
5. Borrowed $6,000 from the bank by signing a promissory note.
6. Received $1,250 cash from a customer for services to be rendered next year.
What was the amount of revenue for July?

Answer 1

Answer:

$1,275

Explanation:

Calculation to determine the amount of revenue for July

Using this formula

Revenue=Cash received for services provided+Services provided customer on credit

Let plug in the formula

Revenue=$900 + $375

Revenue = $1,275

Therefore the amount of revenue for July is $1,275