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May 22, 2015

Homework Help: accounting

Posted by Anonymous on Sunday, April 25, 2010 at 12:24pm.

The following transactions occurred during July:
(1) Received $700 cash for photography services provided to customer during the month.
(2) Received $1,500 cash from Barbara Hanson, the owner of the business.
(3) Received $800 from a customer in partial payment of his account receivable which arose as a result of sales during June.
(4) Rendered photography services to a customer on credit, $500.
(5) Borrowed $2,500 from the bank by signing a promissory note.
(6) Received $1,000 from a customer in payment for services to be rendered next year.

What was the amount of revenue for July?

A) $7,000.
B) $5,500.
C) $3,000.
D) $2,000.
E) $1,200.

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