For each of the following transactions, determine if Raymond Corporation has earned revenue during the month of May and, if so, how much it has earned.

1. Customers paid Raymond $1,500 for work Raymond will perform in June.
2. Customers purchased $6,000 of inventory for which they have not yet paid.
3. Raymond performed work for customers and was paid $3,400 in cash.
4. Customers paid Raymond $2,300 for inventory purchased in April
   
   
   Record the journal entries for  above.

Answer rating: 100% (QA)

Required journal entries are given below Journal Dat... View the full answer