Concept explainers
A business has the following transactions:
A. The business is started by receiving cash from an investor in exchange for common stock $10,000.
B. Rent of $1,250 is paid for the first month.
C. Office supplies are purchased for $375.
D. Services worth $3,450 are performed. Cash is received for half.
E. Customers pay $1,250 for services to be performed next month.
F. $6,000 is paid for a one year insurance policy.
G. We receive 25% of the money owed by customers in “D”.
H. A customer has placed an order for $475 of services to be done this coming week.
How much total revenue does the company have?
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Principles of Accounting Volume 1
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- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College