The net income reported on the income statement is $88,648. However, adjusting entries have not been made at the end of the period for supplies expense of $4,948 and accrued salaries of $3,447. Determine the net income, as corrected. Solution Net Profit =88648 Less: Accrued Salaries =3447 Net Profit=$85201 Entry for supplies expense is not required because opening and purchases and closing is already recording which will take the effect of supplies. .

1. The net income reported on the income statement is $88,648. However, adjusting entries have
not been made at the end of the period for supplies expense of $4,948 and accrued salaries of
$3,447. Determine the net income, as corrected.
$83,700
$88,648
$85,201
$80,253
Solution
Net Profit =88648
Less: Accrued Salaries =3447
Net Profit=$85201
Entry for supplies expense is not required because opening and purchases and closing is already
recording which will take the effect of supplies.