Daube Industries’ operations for the month of October are summarized as follows: Provided $7,000 of services in October on account. Received $3,700 cash from customers for services provided in October. Received $1,000 cash for services to be provided in November. Received $4,300 cash from customers on account for services provided in September. Paid September’s warehouse rental bill on account in the amount of $1,100. Received October’s warehouse rental bill of $1,100; set it aside to be paid at a later date. Required: a. Prepare journal entries to record the transactions identified among activities (A) through (F). b. Calculate the Net Income.
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