Question
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
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. |
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