Before month-end adjustments are made the february 28 trial, Ask an Expert

Economics

Before month-end adjustments are made, the February 28 trial balance of Cole's Enterprise contains revenue of $11,000 and expenses of $8,900. Adjustments are necessary for the following items:

Depreciation for February is $1,200.
Revenue earned but not yet billed is $2,800.
Accrued interest expense is $900.
Revenue collected in advance that is now earned is $2,500.
Portion of prepaid insurance expired during February is $500.

Instructions:

Calculate the correct net income for Cole's Enterprise for February 3.

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Microeconomics, Economics

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