Question: 28 Journalizing adjusting entries and analyzing their effect on the income statement The following data at July 31, 2018, are given for RCO: a. Depreciation,

28 Journalizing adjusting entries and analyzing their effect on the income statement The following data at July 31, 2018, are given for RCO:

28 Journalizing adjusting entries and analyzing their effect on the income statement The following data at July 31, 2018, are given for RCO: a. Depreciation, $600. b. Prepaid rent expires, $200. c. Interest expense accrued, $700. d. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $8,000. The Adju e. Unearned revenue earned, $1,000. f. Office supplies used, $150. Requirements 1. Journalize the adjusting entries needed on July 31, 2018. 2. Suppose the adjustments made in Requirement I 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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