Required information [The following information applies to the questions display

Question

Required information [The following information applies to the questions displayed below] Hoffman, Inc. adjusts its books each month but closes its books at the end of the year. The trial balance at March 31 before adjustments is as follows s 18,980 9,688 1,360 3,360 29,480 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation: Equipment Unearned Service Revenue Capital Stock Retained Earnings Dividends Service Revenue Earned Salaries Expense Utilities Expense Rent Expense s 11,760 6,8?? 5, see 23,7ee 1,62e 18,790 8,1ee 450 1,600 s 66,55e 66,55 According to service contracts, $4,870 of the Unearned Service Revenue has been earned in March. The amount of Service Revenue Earned to be reported in the March income statement is: Multiple Choice $18,790. $23.660. $13.920 $22.840

Explanation / Answer

Correct Answer $ 23660.00

Explanation

Following Journal Entry will be made

Unearned service Revenue                         $ 4870.00

            Service revenue Earned                                    $ 4870.00

(Unearned revenue earned during month)

Unadjusted Balance of Service Revenue Earned                                $18790.00

Add: Earned during period                                                           $4870.00

Net Service revenue earned                                                       $ 23660.00                          

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