Question

In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations.
a. Office supplies on hand, $ 100.
b. Accrued revenues, $ 5,000.
c. Accrued interest expense, $ 250.
d. Depreciation, $ 800.
e. Unearned revenue that has been earned, $ 550.
Determine the effects on the income statement and balance sheet by identifying whether assets, liabilities, equity, revenue, and expenses are either overstated or understated. Use the following table. Adjustment a has been provided as anexample.


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  • CreatedJanuary 16, 2015
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