### July Transactions OverviewThe following transactions occurred during July:1. **Received $1,010 cash for services provided to a customer during July.**2. **Collected $4,200 cash for services previously completed in June.**3. **Received $860 from a customer in partial payment of his account receivable which arose from sales in June.**4. **Provided services to a customer on credit, $485.**5. **Borrowed $7,100 from the bank by signing a promissory note.**6. **Received $1,360 cash from a customer for services to be performed next year.**### Question:What was the amount of revenue for July?### Multiple Choice:- $1,010- $1,495- $2,855#### Note:For educational purposes, it’s important to distinguish between revenue and other types of cash receipts and transactions. Revenue is the amount earned from providing goods or services, regardless of when the cash is actually received.Based on the provided options and transactions:1. **Revenue for July booked when services were completed:** - $1,010 (services provided during July) - $485 (services provided on credit during July) **Total Revenue for July = $1,010 + $485 = $1,495**Construction of the transactions to correctly identify revenue ensures proper understanding and categorization in financial accounting.

Revenue is the amount of money earned by an entity by providing services or selling goods.

The following transactions occurred during July: 1. Received $1,010 cash for services provided to a customer during July. 2. Collected $4,200 cash for services previously completed in June. 3. Received $860 from a customer in partial payment of his account receivable which arose from sales in June. 4. Provided services to a customer on credit, $485. 5. Borrowed $7,100 from the bank by signing a promissory note. 6. Received $1,360 cash from a customer for services to be performed next year. What was the amount of revenue for July? Multiple Choice $1,010. $1,495. $2,855.

The following transactions occurred during July: 1. Received $1,010 cash for services provided to a customer during July. 2. Collected $4,200 cash for services previously completed in June. 3. Received $860 from a customer in partial payment of his account receivable which arose from sales in June. 4. Provided services to a customer on credit, $485. 5. Borrowed $7,100 from the bank by signing a promissory note. 6. Received $1,360 cash from a customer for services to be performed next year. What was the amount of revenue for July? Multiple Choice $1,010. $1,495. $2,855.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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