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Before month-end adjustments are made, the February 28 trial balance of Joe's Enterprise contains revenue of $19,000 and expenses of $4,400. Adjustments are necessary for
Before month-end adjustments are made, the February 28 trial balance of Joe's Enterprise contains revenue of $19,000 and expenses of $4,400. Adjustments are necessary for the following items
Depreciation for February is $1,200.
Revenue earned but not yet billed is $3,800.
Accrued interest expense is $800.
Revenue collected in advance that is now earned is $4,500.
Portion of prepaid insurance expired during February is $600.
Calculate the correct profit for Joes Income Statement for February.
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