Question - The following transactions for Habari Company occurred during January 2017:
Jan 1 Purchased a two-year insurance policy for cash, $8,400.
Jan 4 Paid utilities bill that was received in December 2015, $450.
Jan 9 Performed a service on account, $12,000.
Jan 16 Paid monthly salary to employees, $2,700.
Jan 21 Received $18,000 from a customer on account.
Jan 25 Received $600 from January 9 transaction.
Jan 31 Prepared the adjusting entry for insurance from January 1 transaction.
Jan 31 Accrued wages of $2,750.
Do not enter commas, spaces, decimals, or dollar signs in your answer. For example, if your answer is $2,333, then enter it as 2333
If your answer is negative, i.e. a net loss of $2,333, then enter your answer in brackets without commas, spaces, decimals, or dollar signs as: (2333)
What is the amount of income under the cash basis?