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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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