Glendale Corporation Had the Following Transactions in August: Earned $5,000

question 29

Multiple Choice

Glendale Corporation had the following transactions in August: Earned $5,000 of revenues on account; collected $5,000 from a customer for services provided last month; incurred $500 of repair expense and paid cash; paid $600 for rent that it owed from the previous month.
What is the net income in August?

• A)$500
• B)$5,000
• C)$9,500
• D)$4,500

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