At the end of the fiscal year, the following adjusting entries were omitted: (a) No adjusting entry
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Question:
At the end of the fiscal year, the following adjusting entries were omitted:
(a) No adjusting entry was made to transfer the $3,000 of prepaid insurance from the asset account to the expense account.
(b) No adjusting entry was made to record accrued fees of $500 for services provided to customers.
Assuming that financial statements are prepared before the errors are discovered, indicate the effect of each error, considered individually, by inserting the dollar amount in the appropriate spaces. Insert "0" if the error does not affect the item.
Related Book For
Financial and Managerial Accounting
ISBN: 978-1133940593
10th edition
Authors: Belverd E. Needles, Marian Powers, Susan V. Crosson
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