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Question description

Question 23

  1. Refer to the trial balance for Morrell, Inc.
     
    According to contracts, $4,810 of Unearned Service Revenue has been earned in July. Which of the following is the correct amount of Service Revenue to be reported in the July income statement?


    Choose one answer.

    Morrell, Inc.


    Morrell, Inc. adjusts its books each month but closes its books at the end of the year. The trial balance at July 31 before adjustments is as follows:


    Debit

    Credit

    Cash

    $12,920

    Accounts Receivable

    9,620

    Supplies

    1,300

    Prepaid Insurance

    3,120

    Equipment

    26,000

    Accumulated Depreciation - Equipment

    $10,400

    Unearned Service Revenue

    6,500

    Capital Stock

    7,190

    Retained Earnings

    23,400

    Dividends

    1,560

    Service Revenue

    16,510

    Wages and Salaries Expense

    7,800

    Utilities Expense

    380

    Rent Expense

    1,300

    $64,000

    $64,000

    a.

    $16,510

    b.

    $20,410

    c.

    $21,320

    d.

    $11,700


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