Question

The following data at July 31, 2014, are given for EBM.
a. Depreciation, $ 500.
b. Prepaid rent expires, $ 600.
c. Interest expense accrued $ 300.
d. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $ 13,000.
e. Unearned revenue earned $ 1,300.
f. Office supplies used $ 250.

Requirements
1. Journalize the adjusting entries needed on July 31, 2014.
2. Suppose the adjustments made in Requirement 1 were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments.



$1.99
Sales0
Views108
Comments0
  • CreatedJanuary 16, 2015
  • Files Included
Post your question
5000