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Jackson Consulting Had the Following Accounts and Balances at December

question 227

Multiple Choice

Jackson Consulting had the following accounts and balances at December 31:
AccountDebitCredit Cash $20,000 Accounts Receivable 6,000 Prepaid Insurance 1,500 Supplies 5,000 Accounts Payable $500 Common Stock 9,000 Retained Earnings 7,200 Dividends 1,000 Service Revenue 20,000 Utilities Expense 2,000 Salaries Expense 1,200 Totals $36,700$36,700\begin{array}{lr}\text {Account}&\text {Debit}&\text {Credit}\\\text { Cash } & \$ 20,000 \\\text { Accounts Receivable } & 6,000 \\\text { Prepaid Insurance } & 1,500 \\\text { Supplies } & 5,000\\\text { Accounts Payable } & & \$ 500 \\\text { Common Stock } & & 9,000 \\\text { Retained Earnings } & & 7,200 \\\text { Dividends } & 1,000 & \\\text { Service Revenue } & & 20,000 \\\text { Utilities Expense } & 2,000 & \\\text { Salaries Expense } & 1,200 & \\\text { Totals } & \$ 36,700 & \$ 36,700 \\ \end{array}
Using the information in the table,calculate Jackson Consulting's reported net income for the period.

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Definitions:

Business Jargon

Specialized terminology or slang used within business environments, often understood only by those within the industry.

Earliest Convenience

Refers to the soonest possible time someone is able to do something, often used in formal requests for meetings or responses.

Request

An act of asking for something to be given or done, especially in a formal or polite manner.

Condense Sentences

To condense sentences involves making them shorter by removing unnecessary words or details, yet retaining their essential meaning.

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