Question
Hoffman, Incorporated adjusts its books each month but closes its books at the end of the year. The company's unadjusted trial balance at March 31
Hoffman, Incorporated adjusts its books each month but closes its books at the end of the year. The company's unadjusted trial balance at March 31 is as follows: Cash Accounts Receivable Supplies Prepaid Insurance Equipment 24 Accumulated Depreciation: Equipment Unearned Service Revenue Capital Stock Retained Earnings Dividends Service Revenue Earned Salaries Expense Utilities Expense Rent Expense Totals Debit $ 11,090 Credit 9,790 1,470 2,840 22,800 $ 9,120 7,350 6,050 24,250 1,730 14,310 8,650 560 2,150 $ 61,080 $ 61,080 Employees are owed $920 for services since the last payday in March, to be paid the first week in April. The amount to be reported in the March income statement for salaries expense is: Multiple Choice $8,650 $7,730 $920 $9.570
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