When adjusting entries were made at the end of the year, the accountant for Parker Company did

Question:

When adjusting entries were made at the end of the year, the accountant for Parker Company did not make the following adjustments.
a. $2,900 of wages had been earned by employees but were unpaid.
b. $3,750 of revenue had been earned but was uncollected and unrecorded.
c. $2,400 of revenue had been earned. The customer had prepaid for this service and the amount was originally recorded in the Unearned Sales Revenue account.
d. $1,200 of insurance coverage had expired. Insurance had been initially recorded in the Prepaid Insurance account.
Required:
Identify the effect on the of the adjusting entries that were omitted.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...