Question: Manning Manufacturing Inc. had the following items that require adjustment at year-end. a. Salaries of $4,980 that were earned in December are unrecorded and unpaid.

Manning Manufacturing Inc. had the following items that require adjustment at year-end.
a. Salaries of $4,980 that were earned in December are unrecorded and unpaid.
b. Used $2,430 of utilities in December, which are unrecorded and unpaid.
c. Interest of $1,575 on a note payable has not been recorded or paid.
Required:
1. Prepare the adjusting entries needed at December 31.
2. What is the effect on the financial statements if these adjusting entries are not made?

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