The following journal entries were recorded by a company during the month of September. What was net income for the month?
| Journal Entry 1 | |||||
|---|---|---|---|---|---|
| Cash | 4,000 | ||||
| Accounts Receivable | 3,000 | ||||
| Sales | 7,000 | ||||
| Journal Entry 2 | |||||
|---|---|---|---|---|---|
| Cash | 2,000 | ||||
| Accounts Receivable | 2,000 | ||||
| Journal Entry 3 | |||||
|---|---|---|---|---|---|
| Inventory | 6,000 | ||||
| Accounts Payable | 6,000 | ||||
| Journal Entry 4 | |||||
|---|---|---|---|---|---|
| Accounts Payable | 2,800 | ||||
| Cash | 2,800 | ||||
| Journal Entry 5 | |||||
|---|---|---|---|---|---|
| Cost of Goods Sold | 3,200 | ||||
| Inventory | 3,200 | ||||
| Journal Entry 6 | |||||
|---|---|---|---|---|---|
| Operating Expenses | 2,400 | ||||
| Accounts Payable | 2,400 | ||||
Determine Net Income for September
6. Closing Journal Accounts 8. Determining Net Income From Transactions| Click Here to View All Chapter 3 Problems at Once | View | ||
| 1 | Adjusting Entry Identification | Easy | |
| 2 | Land Purchased With Cash | Easy | |
| 3 | Revenue Recognition | Easy | |
| 4 | Revenue Recognition | Easy | |
| 5 | Revenue Journal Entry | Easy | |
| 6 | Closing Journal Accounts | Easy | |
| 7 |
Determining Net Income From Journal Entries
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Moderate | |
| 8 | Determining Net Income From Transactions | Moderate | |
| 9 | Closing Process | Moderate | |
| 10 | Prepaid Rent | Moderate | |
| 11 | Revenue Recognition | Moderate | |
| 12 | What Should Be Journaled | Moderate | |
| 13 | Adjusting Journal Entries | Hard | |
| 14 | Adjusting Journal Entries | Hard | |
| 15 | Revenue and Expense Recognition | Hard | |
| 16 | The Effect of Transactions | Hard | |
| 17 | When You Forget to do Adjusting Entries | Hard | |
| 18 | Year End Closing & Account Classification | Hard |
| 1 | The Journal, Ledger, Trial Balance | 14:00 | |
| 2 | Cash vs. Accrual Accounting | 7:21 | |
| 3 | Expense Recognition | 8:07 | |
| 4 | Accruals and Deferrals | 15:07 | |
| 5 | What is an Adjusting Entry? | 4:11 | |
| 6 | Adjusting Entry: Supplies | 1:54 | |
| 7 | Adjusting Entry: Unearned Revenue | 2:11 | |
| 8 | Adjusting Entry: Interest | 2:03 | |
| 9 | Contra-accounts | 4:40 | |
| 10 | Depreciation | 7:10 | |
| 11 | The Closing Process | 10:37 |