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What russell company net income would be

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Reference no: EM132739460

Problem 1: Before any month-end adjustments are made, the net income of Russell Company is $38,000. However, the following adjustments are necessary: office supplies used, $3,160; services performed for clients but not yet recorded or collected, $3,040; interest accrued on a note payable to bank, $3,640. After adjusting entries are made for the items listed above, Russell Company's net income would be:

Multiple Choice

Option 1: $38,000.
Option 2: $34,240.
Option 3: $41,160.
Option 4: $44,200.

Problem 2: A worksheet consists of all of the following except:

Multiple Choice

Option 1: A trial balance.
Option 2: Adjusting entries.
Option 3: An adjusted trial balance.
Option 4: Transaction entries.

Reference no: EM132739460

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