REVENUE RECOGNITION AND MATCHING Omega Transportation Inc., headquartered in Atlanta, Georgia, engaged in the following transactions:

. billed customers $2,387,000 for transportation services

. collected cash from customers in the amount of $1,364,000

. purchased fuel supplies for $1,262,000 cash

. used fuel supplies that cost $1,253,000

. employees earned salaries of $256,000

. paid employees $25,000 cash for salaries Required:

Determine the amount of sales revenue and total expenses for Omega’s income statement.

Exercise