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Before month-end adjustments are made, the February 28 trial balance of a company contains revenue of $11,880 and expenses of $7,476. Adjustments are necessary
Before month-end adjustments are made, the February 28 trial balance of a company contains revenue of $11,880 and expenses of $7,476. Adjustments are necessary for the following items: Depreciation for February is $1,272. Revenue earned but not yet billed is $3,136. Accrued interest expense is $882. Revenue collected in advance that is now recognized is $2,850. Portion of prepaid insurance expired during February is $480. Calculate the correct net income for the company for the month of February. Net income $
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