Essay
Before month-end adjustments are made, the February 28 trial balance of Joe's Enterprise contains revenue of $9,000 and expenses of $4,400. Adjustments are necessary for the following items:
Depreciation for February is $1,300.
Revenue earned but not yet billed is $2,800.
Accrued interest expense is $700.
Revenue collected in advance that is now earned is $3,500.
Portion of prepaid insurance expired during February is $400.
Instructions
Calculate the correct profit for Joe's Income Statement for February.
Correct Answer:
Verified
Correct Answer:
Verified
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