@Chapter 30Z (Algo Tools Help Quiz (Algo MC The following transactions occurred

Question

@Chapter 30Z (Algo Tools Help Quiz (Algo MC The following transactions occurred during July 1. Received $1,250 cash for services performed during July 2 Recelved $6,600 cash from the issuance of common stock to owners 3. Received $625 4 Biled $4,250 to customers for services performed on account in July 5. Borrowed $2.900 from the bank and signed a promissory note 6 Received $1,675 from a customer for services to be performed during August from a customer as payment for services performed during June. What is the amount of revenue that will be reported on the income statement for the month ended July 31? Multiple Choice $7,175 $9,025 $7.800

Explanation / Answer

Amount of income that will be reported on the income statement for the month ended july 31,

Received cash for services performed during july $1250

Received cash for service to be performed in August $1675

Billed to customer for service performed on account of july $4250

Total $7175

Cash received for services provided in the month of june must be reported on income statement of june month.

Borrowing of $2900 from bank is not an income

Cash received for issuance of common stock to owner is not an income.

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