ABC Company has the following accounts and normal balances: Cash Accounts Receivables $4,000 $8,000 Allowance for Doubtful Accounts $500 Accounts Payable Unearned Revenue Revenue Rent Expense Wage Expense Capital $2,500 $4,000 $9,000 $1,000 $4,000 $1,000 Assuming no adjusting journal entries are made, Net Income would equal: a. $18,000 b. $15,000 c. $7,000 d. $4,000
ABC Company has the following accounts and normal balances: Cash Accounts Receivables $4,000 $8,000 Allowance for Doubtful Accounts $500 Accounts Payable Unearned Revenue Revenue Rent Expense Wage Expense Capital $2,500 $4,000 $9,000 $1,000 $4,000 $1,000 Assuming no adjusting journal entries are made, Net Income would equal: a. $18,000 b. $15,000 c. $7,000 d. $4,000
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter16: Financial Statements And Closing Entries For A Corporation
Section: Chapter Questions
Problem 5AP
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ABC Company has the following accounts and normal balance: please give answer the accounting question

Transcribed Image Text:ABC Company has the following accounts and normal balances:
Cash
Accounts Receivables
$4,000
$8,000
Allowance for Doubtful Accounts $500
Accounts Payable
Unearned Revenue
Revenue
Rent Expense
Wage Expense
Capital
$2,500
$4,000
$9,000
$1,000
$4,000
$1,000
Assuming no adjusting journal entries are made, Net Income would equal:
a. $18,000
b. $15,000
c. $7,000
d. $4,000
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