Vulture, Co. noted the following transactions which occurred in July: July 1 Received a $1,500 cash...
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Vulture, Co. noted the following transactions which occurred in July:
July
1
Received a $1,500 cash payment from a customer for services provided in June on account.
July
6
Provided $850 worth of services to a customer on account.
July
8
Provided $1,160 worth of services to a customer who paid cash.
July
July
July
11
18
25
Received a $400 cash payment from a customer for whom Vulture had already provided services for on July 6th.
Received a $910 cash payment from a customer for services to be provided in August.
Provided $1,090 worth of services to a customer on account.
Under accrual-basis accounting, how much revenue should the firm recognize in July?
a. $5,910.
b. $3,100.
c. $1,940.
d. $2,010.
e. $3,970.
Homework Answers
Under accrual basis of accounting revenue should be recognised in the period in which the services provided irrespective of cash receipt.
Revenue = $850 + $1,160 + $1,090
= $3,100
option b.
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