Refrain, Inc. noted the following transactions which occurred in July: July 1 Received a $1,500 cash...
Refrain, Inc. 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 |
11 18 |
Received a $400 cash payment from a customer for whom Refrain had already provided services for on July 6th. Received a $910 cash payment from a customer for services to be provided in August. |
|||
Under accrual-basis accounting, how much revenue should the firm recognize in July?
| a. |
$4,820. |
|
| b. |
$1,160. |
|
| c. |
$2,010. |
|
| d. |
$2,920. |
|
| e. |
$3,100. |
Homework Answers
Revenue under accrual basis of accounting should be recognised in the period in which the services are provided irrespective of cash receipt.
= $850 + $1,160
= $2,010
Option C.
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