I did 7000-500-1000 and but still not fully understanding the problem Centurion Company had the following accounts and balances at December 31:AccountDebitCredit$ 10,0002,000CashAccounts ReceivablePrepaid InsuranceSuppliesAccounts Payableт. Нарру, Саріtal2,4001,000$ 5,0004,900Service Revenue7,000Salaries Expense500Utilities Expense1,000Totals$ 16,900$ 16,900Using the information in the table, calculate the company's reported net income for the period.Multiple Choice$1,100.$4,000.$8,500.$10,400.

Net income means the income left after deducting all expenses and including all income whether…

Centurion Company had the following accounts and balances at December 31: Account Debit Credit $ 10,000 2,000 Cash Accounts Receivable Prepaid Insurance Supplies Accounts Payable т. Нарру, Сарital 2,400 1,000 $ 5,000 4,900 7,000 Service Revenue Salaries Expense 500 Utilities Expense 1,000 Totals $ 16,900 $ 16,900 Using the information in the table, calculate the company's reported net income for the period. Multiple Choice O $1,100. $4,000. $8,500. $10,400.

Centurion Company had the following accounts and balances at December 31: Account Debit Credit $ 10,000 2,000 Cash Accounts Receivable Prepaid Insurance Supplies Accounts Payable т. Нарру, Сарital 2,400 1,000 $ 5,000 4,900 7,000 Service Revenue Salaries Expense 500 Utilities Expense 1,000 Totals $ 16,900 $ 16,900 Using the information in the table, calculate the company's reported net income for the period. Multiple Choice O $1,100. $4,000. $8,500. $10,400.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11PA: Prepare journal entries to record the following transactions. Create a T-account for Prepaid...

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