Question: 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.

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. Unearned 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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