For the year ending June 30, Island Clinical Services mistakenly omitted adjusting entries for (1) $1,500 of supplies that were used, (2) unearned revenue of $4,200 that was earned, and (3) insurance of $5,000 that expired.  What is the combined effect of these errors on (a) revenues, (b) expenses, and (c) net income for the year ending June 30?

Answer rating: 100% (QA)

a Revenues will be overstated by 4200 b Expenses will be u... View the full answer