Question
Jere-Joes is a sandwich shop in the panhandle of Florida. On December 31 it had the following account balances: Service Revenue, $38,000 Deferred Revenue, $3,600
Jere-Joes is a sandwich shop in the panhandle of Florida. On December 31 it had the following account balances: Service Revenue, $38,000 Deferred Revenue, $3,600 Interest Income $1,100 Prepaid insurance, $2,800 (6 month semi-annual policy) Note Payable, $7,500 at 8.7% (due February 15th) Supplies, $1,200 Supplies Expense, $100 Salary Expense, $18,000 Interest Expense $120 Additional information at December 31 included: 1. Money was borrowed on the note payable on September 1 2. Deferred revenues relates to customer prepayments for holiday football parties. All revenues were earned except for $1,620 for college bowl football parties during the first week of January. 3. The company pays $2,100 in salaries every two weeks. The year ended with 5 unpaid work days. 4. Insurance policy was purchased October 1st 5. The company received an invoice on January 5 for $613, relating to machine repairs performed on December 17 . 6. Supplies on hand, $540 Prepare adjusting journal entries for the above information. How much revenue did Jere-Joe's earn?
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