Question: E3-28 Journalizing adjusting entries and analyzing their effect on the income statement Learning Objectives 3, 5 DR Salaries Expense $10,400 The following data at July

E3-28 Journalizing adjusting entries and analyzing their effect on the income statement

Learning Objectives 3, 5

DR Salaries Expense $10,400

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. 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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