Question: The accountant for Hallmark Co a construction firm mistakenly omitted

The accountant for Hallmark Co., a construction firm, mistakenly omitted adjusting entries for
(a) Unearned revenue earned during the year ($18,000)
(b) Accrued wages ($3,000). Consider each error individually and indicate the effect on the income statement for December 31. Also indicate the effect of each error on the December 31 balance sheet. Set up a table as follows and record your answers by inserting the dollar amount in the appropriate spaces. Insert a zero if the error does not affect the item.

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  • CreatedSeptember 15, 2015
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