Behrend Enterprises sells toy flying saucers. The following information relates to toy sales during the month of June (the first month of operations) and to related cash transactions with customers. Behrend pays a sales commission of 1% of all sales, with payment in the month following the month of sale.

Toy sales for cash	$18,000
Toy sales on account (credit sales)	$42,000
Collections from customers for the credit sales	$3,000
Deposits received from customers for orders to be filled in July	$2,000

In the income statement for its first month, Behrend should report sales revenue of

$60,000

$62,000

$23,000

$21,000

Behrend Enterprises sells toy flying saucers. The following information relates to toy sales during the month of June (the first month of operations) and to related cash transactions with customers. Behrend pays a sales commission of 1% of all sales, with payment in the month following the month of sale.

Toy sales for cash	$18,000
Toy sales on account (credit sales)	$42,000
Collections from customers for the credit sales	$3,000
Deposits received from customers for orders to be filled in July	$2,000

In the Balance Sheet at the end of its first month, Behrend should report sales commissions payable of

$600

$620

$0

$230