Question
Hoffman, Inc. adjusts its books each month but closes its books at the end of the year. The trial balance at March 31 before adjustments
Hoffman, Inc. adjusts its books each month but closes its books at the end of the year. The trial balance at March 31 before adjustments is as follows: Debit Credit Cash $ 11,110 Accounts Receivable 9,810 Supplies 1,490 Prepaid Insurance 2,760 Equipment 21,600 Accumulated Depreciation: Equipment $ 8,640 Unearned Service Revenue 7,450 Capital Stock 6,150 Retained Earnings 24,350 Dividends 1,750 Service Revenue Earned 13,510 Salaries Expense 8,750 Utilities Expense 580 Rent Expense 2,250 $ 60,100 $ 60,100 According to service contracts, $5,000 of the Unearned Service Revenue has been earned in March. The amount of Service Revenue Earned to be reported in the March income statement is:
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