A: Determine the net income for July using the cash basis of accounting. Could...
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A: Determine the net income for July using the cash basis of accounting.
Could someone explain to me how I got this wrong?
I got request B, right? $9400
I input 3000+1600+4400=9,000 ( adding all the received B-D)
Expenses 1400
net income would be 9,000-1400= 7600
Where did I mess up in my formula?
Please help
TB Problem 3-215 (Algo) Daube Industries' operations for... Daube Industries' operations for the month of July are summarized as follows: A. Provided $7,800 of services in July on account. B. Received $3,000 cash from customers for services provided in July. C. Received $1,600 cash for services to be provided in August. D. Received $4,400 cash from customers on account for services provided in June. E. Paid June's warehouse rental bill on account in the amount of $1,500. F. Received July's warehouse rental bill of $1,400; set it aside to be paid at a later date. Required: a. Determine the net income for July using the cash basis of accounting. b. Determine the net income for July using the accrual basis of accounting. Complete this question by entering your answers in the tabs below. Determine the net income for July using the cash basis of accounting
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