Question: pless answer all question. from 1-3. thank you Question 1 Before month-end adjustments are made, the September 30 trial balance of Martinez Company contains revenue

pless answer all question. from 1-3. thank you
 pless answer all question. from 1-3. thank you Question 1 Before
month-end adjustments are made, the September 30 trial balance of Martinez Company
contains revenue of $10,856 and expenses of $5,590. Adjustments are necessary for

Question 1 Before month-end adjustments are made, the September 30 trial balance of Martinez Company contains revenue of $10,856 and expenses of $5,590. Adjustments are necessary for the following items: Supplies used during September is $246. Revenue earned but not yet billed is $1,680. Accrued interest expense is $752 Revenue collected in August and earned during September is $3,128. Portion of prepaid rent expired during September is $288. Calculate the correct net income for Martinez Company for September Net Income Question 2 For each of the following oversights, state whether total assets will be understated (U), overstated (O), or No effect (NA). 1. Failure to record revenue recognized but not yet received. Failure to record expired prepaid rent. 3. Failure to record accrued interest on a note receivable. 4. Failure to record depreciation. 5. Failure to record accrued wages. 6. Failure to record the recognized portion of unearned revenues. A flower shop makes a large sale for $1,000 on November 30. The customer is sent a statement on December 5 and a check is received on December 10. The flower shop follows GAAP and applies the revenue recognition principle. When is the $1,000 considered to be recognized? December 1 December 10 December 5 November 30

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!