In 2018, the barton and barton company changed its method of valuing inventory from the fifo method to the average cost method. at december 31, 2017, b & b’s inventories were $33.2 million (fifo). b & b’s records indicated that the inventories would have totaled $24.4 million at december 31, 2017, if determined on an average cost basis. ignoring income taxes, what journal entry will b & b use to record the adjustment in 2018?

The following transactions occurred during july: received $1,000 cash for services provided to a customer during july. received $4,000 cash investment from bob johnson, the owner of the business received $850 from a customer in partial payment of his account receivable which arose from sales in june. provided services to a customer on credit, $475. borrowed $7,000 from the bank by signing a promissory note. received $1,350 cash from a customer for services to be rendered next year. what was the amount of revenue for july?