Question: The following data at July 31 2016 are given for

The following data at July 31, 2016, are given for XYZ:
a. Depreciation, $400.
b. Prepaid rent expires, $800.
c. Interest expense accrued $600.
d. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $13,000.
e. Unearned revenue earned $1,600.
f. Office supplies used $100.
Requirements
1. Journalize the adjusting entries needed on July 31, 2016.
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.


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  • CreatedJune 12, 2015
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