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Hoffman, Incorporated adjusts its books each month but closes its books at the end of the year. The companys unadjusted trial balance at March 31
Hoffman, Incorporated adjusts its books each month but closes its books at the end of the year. The companys unadjusted trial balance at March 31 is as follows:
Debit Credit
Cash $ 11,060
Accounts Receivable 9,760
Supplies 1,440
Prepaid Insurance 2,960
Equipment 24,600
Accumulated Depreciation: Equipment $ 9,840
Unearned Service Revenue 7,200
Capital Stock 5,900
Retained Earnings 24,100
Dividends 1,700
Service Revenue Earned 15,510
Salaries Expense 8,500
Utilities Expense 530
Rent Expense 2,000
Totals $ 62,550 $ 62,550
According to service contracts, $4,950 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:
Multiple Choice
$10,560.
$20,460.
$19,760.
$15,510.
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