A company's December 31 work sheet for the current period appears below. Based on the Information provided what is net Income for the current period? Unadjusted Trial Balance Debit Credit 1,095 Adjustments Debit Credit 420 4.800 300 13, 920 27e 19e 310 Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation-equipment Accounts payable Salaries payable Unearned fees Owner, Capital Owner, withdrawals Fees earned 2,34 435 495 5,700 11,580 2,850 9,810 495 42e 2,700 3,300 465 435 Rent expense Salaries expense Utilities expense Insurance expense Supplies expense Depreciation expense-equipment Totals 27e 190 310 29,430 2,120 29,430 2,120 Multiple Choice $9,150 $2,120 $3,055 $3,345 $3.500 The following transactions occurred during July: 1. Received $930 cash for services provided to a customer during July 2. Received $2,600 cash Investment from Bob Johnson, the owner of the business. 3. Received $790 from a customer in partial payment of his account receivable which arose from sales in June. 4. Provided services to a customer on credit. $405. 5. Borrowed $6.300 from the bank by signing a promissory note. 6. Received $1.290 cash from a customer for services to be performed next year. What was the amount of revenue for July? Multiple Choice O $26.5. $3.395 $11,890. O $930 $1,335 In the current year. Borden Corporation had sales of $2.100,000 and cost of goods sold of $1.250,000. Borden expects returns in the following year to equal 7% of sales. The unadjusted balance in Inventory Returns Estimated Is a debit of $16.000, and the unadjusted balance in Sales Refund Payable is a creat of $20,000. The adjusting entry or entries to record the expected sales retums is (are): Multiple Choice 127,000 Sales Refund Payable Accounts receivable 127,000 O 2,180,00 Sales Sales Refund Payable Accounts receivable 147.000 1,953,000 O 127.00 127. eee Sales Returns and Allowances Sales Refund Payable Inventory Returns Estimated Cost of goods sold 71,5e 127,00 127.ee Sales returns and allowances Sales Cost of Goods Sold Inventory Returns Estimated 71, sec 71,500 2.18, Accounts Receivable Sales 2.120.ee