An acountant made the following adjustments at december 31, Ask an Expert

Accounting

An acountant made the following adjustments at December 31, the end of the accounting period:

a. Prepaid insurance, beginning, $300. Payments for insurance during the period, $2,900. Prepaid insurance, ending, $600.

b. Interest revenue accrued, $2,400.

c. Unearned service revenue, beginning, $1,600. Unearned service revenue, ending, $300.

d. Depreciaiton, $5,500.

e. Employees salaries owed for two days of a five-day work week; weekly payroll, $13,000.

f. Income before income tax, $20,000. Income tax rate is 35%.

1. Jounalize the adjusting entries.

2. Suppose the adjustments were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91979016

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