Question: Given the data below, determine the net income under the accrual method of accounting. Revenue earned $20,000 Accounts receivable $6,500 Expenses Incurred $12,250 Accounts Payable

Given the data below, determine the net income under the accrual method of accounting.

Revenue earned $20,000 Accounts receivable $6,500 Expenses Incurred $12,250 Accounts Payable (related to expenses) $4,000 Cash paid for prepaid rent $2,000

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