QUESTION 55 Before any year-end adjustments were made, the net income of Jim Company was $39,400. However, the following adjustments were necessary: services performed for clients but not yet recorded or collected, $1,300; interest accrued on note payable to bank, $300. After recording these adjustments the net income would be: $37,800 $38,400 $40,400 $41,000 none of the above