Answer: $1760
Explanation:
If the company uses accrual basis accounting, the net income will be calculated as:
Cash received for lessons = $1,350
Add: Lessons provided on account = $1,060
Less: Rental bill for may = $(650)
Net income = $1350 + $1060 - $650
= $1760
The net income is $1760
The journal entries are given below:
1.
Drawings Debit
Supplies/Inventory Credit
2.
Accounts Receivable Debit
Sales Credit
3.
Accounts Payable Debit
Cash Credit
<h3>What is Inventory?</h3>
An inventory is the current asset of a company that the company sells to earn profits, this inventory is also called as stock and supplies sometimes. The inventory is presented in the financial statements in the Statement of financial position under the current asset's head.
4.
Cash Debit
Accounts Receivable Credit
5.
Purchases Debit
Account Payable Credit
6.
Work in process Debit
Supplies Credit
7.
Drawings Debit
Cash Credit
8.
Cash Debit
Loan Payable Credit
9.
Depreciation Expense Debit
Accumulated Depreciation Credit
10.
Revenue Debit
Income Statement Credit
Learn more about Inventory at brainly.com/question/27256758
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I have this in Odyssey, your options are capital, grants, and taxes. The correct answer would be: "Corporations have more ways to raise capital to pay for productive resources than small firms or not-for-profit organizations."
Answer:
Option A) passion those it halp