The following transactions occurred during July: Received $900 cash for services provided to a customer during July. Received $2,200 cash investment from Bob Johnson, the owner of the business. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Provided services to a customer on credit, $375. Borrowed $6,000 from the bank by signing a promissory note. Received $1,250 cash from a customer for services to be rendered next year. What was the amount of revenue for July? Group of answer choices

The amount of revenue for July is $2,025

Explanation:

Received $900 cash for services provided to a customer during July.

These $900 are added to the revenue for July because they were paid for services provided in the same month (matching principle).

Received $2,200 cash investment from Bob Johnson, the owner of the business.

This is not revenue, because it did not emerge from services provided. This is capitalization, equity.

Received $750 from a customer in partial payment of his account receivable which arose from sales in June.

This is revenue recognized for the month of July. The payment is partial for services rendered in the same month.

Provided services to a customer on credit, $375.

This is revenue for July, even it no cash has been received, because the services have already been provided (matching principle and accrual principle).

Borrowed $6,000 from the bank by signing a promissory note.

This is not revenue, this is a liability.

Thus, adding up all the revenues to be recognized, we obtain:

$900 + $750 + $375 = $2,025

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