For the year ending June 30, OKeefe Medical Services Co. mistakenly omitted adjusting entries for (1) $2,000
Question:
For the year ending June 30, O’Keefe Medical Services Co. mistakenly omitted adjusting entries for
(1) $2,000 of supplies that were used,
(2) Unearned revenue of $7,500 that was earned, and
(3) Insurance of $11,300 that expired. Indicate the combined effect of the errors on
(a) Revenues,
(b) Expenses, and
(c) Net income for the year ended June 30.
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a Revenues were understated ...View the full answer
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Somshukla Chakraborty
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