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30 March, 00:24

The following transactions occurred during July: 1. Received $940 cash for services provided to a customer during July. 2. Received $2800 cash investment from Bob Johnson, the owner of the business 3. Received $790 from a customer in partial payment of his account receivable which arose from sales in June. 4. Provided services to a customer on credit, $415. 5. Borrowed $6400 from the bank by signing a promissory note. 6. Received $1290 cash from a customer for services to be rendered next year. What was the amount of revenue for July?

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  1. 30 March, 01:05
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    Answer: $1,355

    Explanation:

    Given that,

    1. Cash received for services provided = $940 during July

    2. Cash received from investment = $2800

    3. Account receivable from sales in June = $790

    4. Services provided on credit = $415

    5. Borrowed from a bank = $6400 (signing a promissory note)

    6. Cash received from customer for future services = $1290

    Amount of revenue for July = Cash received for services provided + Services provided on credit

    = $940 + $415

    = $1,355
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