The Following Transactions Occurred During July

question 219

Multiple Choice

The following transactions occurred during July:
1.Received $800 cash for services performed during July.
2.Received $5,000 cash from the issuance of common stock to owners.
3.Received $400 from a customer as payment for services performed during June.
4.Billed $3,500 to customers for services performed on account in July.
5.Borrowed $2,500 from the bank and signed a promissory note.
6.Received $1,000 from a customer for services to be performed during August.
-Use the information above to answer the following question.What is the amount of revenue that will be reported on the income statement for the month ended July 31?

• A) $5,300.
• B) $5,700.
• C) $4,300.
• D) $7,200.

---

Definitions:

Federal Intervention

Actions taken by a federal government to influence or directly manage affairs, often in states or areas under its jurisdiction, for various purposes.

Race Relations

The interactions and dynamics between people of different racial backgrounds in a given society.

Social Security

A government program that provides financial assistance to people with an inadequate or no income, especially the elderly, disabled, and families with dependent children.

Unmarried Women

Refers to women who are not legally married, highlighting their social, legal, and economic status which varies historically and culturally.