Before month end adjustments are made, the January 31, trail balance of Pacific Tours contains revenue of $ 27,900 and expenses of $ 17,340. · Portion of prepaid rent applicable to January $ 2,700. · Depreciation for January $ 1,440. · Portion of fees collected in advance earned in January $ 3,300. · Fees earned in January, not yet billed to customers $ 1,950. Net income in pacific tour’s January Income Statement

Before month end adjustments are made, the January 31, trail balance of Pacific Tours contains revenue of $ 27,900 and expenses of $ 17,340. · Portion of prepaid rent applicable to January $ 2,700. · Depreciation for January $ 1,440. · Portion of fees collected in advance earned in January $ 3,300. · Fees earned in January, not yet billed to customers $ 1,950. Net income in pacific tour’s January Income Statement

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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